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Relatrio e Contas Annual Report 2007

Relatrio e Contas Annual Report

2007

ndice Index

1 Principais Indicadores 2 Anlise Grfica dos Principais Indicadores 3 Mensagem Conjunta do Presidente do Conselho de Administrao e do Presidente da Comisso Executiva 4 Principais Referncias A. rgos Sociais B. Marcos da Actividade 5 Estratgia e Modelo de Negcio 6 Enquadramento Macroeconmico Financeiro A. Contexto Internacional B. Contexto Angolano 7 Principais reas de Negcio A. Banca Corporativa B. Banca de Retalho: Particulares C. Banca de Investimentos 8 Banca Electrnica A. BAI Directo (Internet Banking) B. Cartes de Pagamento 9 BAI Europa 10 NovoBanco 11 Seguros 12 Gesto de Risco A. Risco de Crdito B. Risco Operacional C. Risco de Adequao de Capital D. Outros Riscos 13 Gesto de Custos A. Recursos Humanos B. Fornecimentos e Servios de Terceiros C. Custo de Funcionamento e de Estrutura 14 Anlise Financeira A. Elementos do Balano B. Elementos da Demonstrao de Resultados 15 Proposta de Aplicao e Distribuio de Resultados 16 Aprovao do Conselho de Administrao 17 Demonstraes Financeiras A. Balano B. Demonstrao de Resultados C. Notas s Demonstraes Financeiras 18 Anexos A. Mapa do Imobilizado em Kwanzas B. Mapa do Imobilizado em USD C. Presena Geogrfica e Canais de Distribuio 19 Parecer do Auditor Externo 20 Relatrio e Parecer do Conselho Fiscal

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1 Main Indicators 2 Graphic Analysis of Main Indicators 3 Joint Message from the Chairman of the Board of Directors and the Chief Executive Officer 4 Main References A. Company Institutions B. Business Milestones 5 Strategy and Business Model 6 Macroeconomic Financial Background A. International Context B. Angolan Context 7 Main Business Areas A. Corporate Banking B. Retail Banking: Personal Banking C. Investment Banking 8 Electronic Banking A. BAI Direct (Internet Banking) B. Payment Cards 9 BAI Europa 10 NovoBanco 11 Insurance 12 Risk Management A. Credit Risk B. Operational Risk C. Capital Adequacy Risk D. Other Risks 13 Cost Management A. Human Resources B. Third Party Supplies and Services C. Operating and Structural Costs 14 Financial Analysis A. Balance Sheet B. Income Statement 15 Proposal for the Distribution of Results 16 Board of Directors' Approval 17 Financial Statements A. Balance Sheet B. Income Statement C. Notes to the Financial Statements 18 Appendices A. Chart of Fixed Assets in Kwanzas B. Chart of Fixed Assets in USD C. Geographical Presence and Distribution Channels 19 Opinion of the External Auditor 20 Report and Opinion of the Audit Committee

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1. Principais Indicadores 1. Main Indicators

Expresso em Milhes de USD

2006 Balano Patrimonial Activo Lquido Crditos s/clientes (lquidos) Crditos por assinatura (Garant. Aval. Prest.+cred. doc aberto) Crditos total Depsitos Responsabilidades por Titulos Fundos Prprios Actividade Margem financeira Margem complementar Produto Bancrio lquido Custos de Estrutura Turnover Cash Flow Resultado antes de impostos (RAI) Resultados Lquidos do Exerccio Funcionamento Nmero de empregados Nmero Balces Nmero de clientes Cost to income ratio Produtividade Nmero de Clientes por empregado Activo Lquido / Nmero de empregados Custos de Estrutura / Activo Lquido Rentabilidade Lucro Lquido por aco Resultado do exerccio/Mdia Fundos prprios (ROAE) Resultado do exerccio/Mdia Activo lquido (ROAA) RAI antes do efeito de reexpresso / Mdia Fundos prprios Adequao do capital Imobilizaes / Fundos prprios regulamentares* Solvabilidade (BNA)** Fundos Prprios Regulamentares
Principais Indicadores

2007

Variao Absoluta % 1.340 414 210 624 1.173 31 81 60 30 90 10 94 82 58 34 103 6 32.146 -13% 23 1 -0,4% 7,6 3,86% 0,12% 14,30% -11,54% -0,41% 106 58,01% 98,30% 156,22% 112,31% 70,94% 7,63% 55,87% 111,04% 56,30% 83,72% 23,01% 65,74% 115,74% 99,24% 77,18% 15,42% 16,67% 33,59% -33,04% 15,74% 36,90% -22,15% 77,18% 10,17% 4,84% 28,59% -19,93% -3,34% 83,13%

2.310 421 134 556 1.653 406 146 54 54 108 44 142 71 59 44 668 36 95.710 40,3% 143 3 1,88% 9,9 38,00% 2,50% 50,00% 57,89% 12,28% 128

3.650 835 344 1.180 2.826 437 227 114 84 198 54 236 153 117 78 771 42 127.856 27,00% 166 5 1,47% 17,6 41,86% 2,62% 64,30% 46,35% 11,87% 234

* Limite de imobilizao de acordo com o Aviso n 07/07 do BNA ** Solvabilidade - de acordo com o Aviso n 05/07 do BNA 1Demonstraes Financeiras do BAI, SA ao longo do relatrio excluem consolidao do BAI Europa e NovoBanco.

Expressed in millions of USD

2006 Balance sheet Net assets Loans and Advances to Customers (net) Letters of credit and guarantees given Total credits Deposits Securitised liabilities Equity Business indicators Financial margin Supplementary margin Net banking product Structural costs Turnover Cash flow Pre-tax result Net result for the year Operational indicators Number of employees Number of branches Number of customers Cost to income ratio Productivity indicators Number of customers per employee Net assets / Number of employees Structural costs / Net assets Profitability indicators Net earnings per share Annual result / Average equity (ROAE) Annual result / Average net assets (ROAA) Pre-tax result before reexpression effects / Average equity Capital adequacy Fixed assets / Regulatory equity * Solvency (BNA) ** Regulatory equity
* Fixed asset limit in accordance with BNA Notification no, 07/07 * * Solvency - in accordance with BNA Notification no, 05/07 do BNA 1Financial Statements of BAI, SA, throughout the report exclude consolidation of BAI Europa and NovoBanco.

2007

Variation Absolute % 1.340 414 210 624 1.173 31 81 60 30 90 10 94 82 58 34 103 6 32.146 -13% 23 1 -0,4% 7,6 3,86% 0,12% 14,30% -11,54% -0,41% 106 58,01% 98,30% 156,22% 112,31% 70,94% 7,63% 55,87% 111,04% 56,30% 83,72% 23,01% 65,74% 115,74% 99,24% 77,18% 15,42% 16,67% 33,59% -33,04% 15,74% 36,90% -22,15% 77,18% 10,17% 4,84% 28,59% -19,93% -3,34% 83,13%

2.310 421 134 556 1.653 406 146 54 54 108 44 142 71 59 44 668 36 95.710 40,3% 143 3 1,88% 9,9 38,00% 2,50% 50,00% 57,89% 12,28% 128

3.650 835 344 1.180 2.826 437 227 114 84 198 54 236 153 117 78 771 42 127.856 27,00% 166 5 1,47% 17,6 41,86% 2,62% 64,30% 46,35% 11,87% 234

Main indicators

2. Anlise Grfica dos Principais Indicadores 2. Graphic Analysis of Main Indicators

Activo Lquido
4.000

Net Assets
4.000

3.000 Milhes de USD

+58%

3.650
3.000 Millions of USD

+58%

3.650

2.000

+80%

2.310

2.000

+80%

2.310

1.000

1.283

1.000

1.283

0 2005 2006 2007

0 2005 2006 2007

Resultados Lquidos
80

Net Result
80

78
60 Milhes de USD

78
60 Millions of USD

+77%

+77%

40

+63% 27

44

40

+63% 27

44

20

20

0 2005 2006 2007

0 2005 2006 2007

12

Anlise Grfica dos Principais Indicadores

Carteira de Depsitos
3.000 2.500 2.000 1.500 1.000

Deposit Portfolio
3.000

2.826 +71%
Millions of USD

2.500 2.000 1.500 1.000

2.826 +71%

Milhes de USD

+66% 996

1.653

+66% 996

1.653

500 0 2005 2006 2007

500 0 2005 2006 2007

Crdito sobre Clientes


3.000 2.500

Loans and Advances to Customers


3.000 2.500

835
Milhes de USD Millions of USD 2.000 1.500

835
2.000 1.500

+98% +48%

+98% +48%

1.000 500 0 2005

421

1.000 500 0

421

284

284

2006

2007

2005

2006

2007

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Graphic analysis of Main Indicators

3. Mensagem Conjunta do Presidente do Conselho de Administrao e do Presidente da Comisso Executiva 3. Joint Message from the Chairman of the Board of Directors and the Chief Executive Officer

O rpido crescimento que a economia angolana vem registando nos anos mais recentes, tem testado a capacidade do sector financeiro Angolano em acompanhar e dar sustentao s mais distintas iniciativas pblicas e privadas de fomento empresarial e de promoo do bem-estar social. O Banco Africano de Investimentos (BAI) acredita poder corresponder aos novos desafios de Angola, o que exigir o rpido desenvolvimento de competncias tcnicas e humanas e um forte compromisso de colocar os servios do banco ao dispor dos agentes econmicos com solues que atendam com objectividade as necessidades de uma sociedade que se estrutura e compe numa fase nova de desenvolvimento. Durante o exerccio de 2007, o governo manteve o sentido de estabilizao dos principais indicadores macroeconmicos, tendo-se, na generalidade, assistido a melhoria do ambiente ao investimento pblico e privado. O Produto Interno Bruto (PIB) Angolano ter crescido em 24,4%, enquanto a variao no ndice Geral de Preos (IGP) situou-se nos 11.78%. A moeda nacional, por seu lado, valorizou-se em aproximadamente 6% face ao dlar norte-americano, mas ter depreciado em relao ao Euro em cerca de 3%. A Banca no foi excepo, e no ano findo voltou a demonstrar uma forte capacidade de adaptao as necessidades do mercado. O BAI continua a assumir uma posio de destaque, no desenvolvimento de solues adequadas ao momento de forte crescimento da economia nacional. Alm de solues inovadoras no mercado, como foi a primeira emisso de cartes de crdito em Angola, o BAI co-liderou a maior operao financeira de sempre para o Tesouro Nacional, tendo colocado com sucesso uma emisso de ttulos no montante de USD 1,0 mil milhes, no mbito de um programa de USD 3,5 mil milhes para o financiamento de projectos pblicos promovidos pelo Governo de Angola.

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Mensagem Conjunta do Presidente do Conselho de Administrao e do Presidente da Comisso Executiva

The rapid growth that the Angolan economy has seen in recent years has tested the capacity of the Angolan financial sector to keep up and support the most diverse public and private initiatives to encourage corporate development and promote social well-being. Banco Africano de Investimentos (BAI) believes that it can rise to the new challenges facing Angola. This will require swift development of technical and human skills and a strong commitment to making the bank's services available to economic agents with solutions that objectively meet the needs of a society that is organising itself afresh and embarking on a new phase of development. In 2007 the government continued to work to stabilise the main macroeconomic indicators; generally speaking there was an improvement in the public and private investment environment. Angolan Gross Domestic Product (GDP) is reckoned to have increased by 24.4%, while the General Price Index (GPI) rose by 11.78%. For its part, the domestic currency appreciated by approximately 6% against the U.S. dollar, but eased approximately 3% against the euro.

The banking system was no exception, last year it demonstrated considerable capacity to adapt to the needs of the market. BAI continues to play an outstanding role in developing solutions appropriate to this period of strong growth in the national economy. In addition to innovative market solutions, such as the first credit cards to be issued in Angola, BAI co-led the biggest ever financial operation for the National Treasury, successfully placing an issue of securities worth a total of USD 1.0 billion in the context of a USD 3.5 billion programme to fund public projects promoted by the Angolan government.

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Joint message from the Chairman of the Board of Directors and the Chairman of the Executive Committee

Ainda em 2007, o Banco Africano de Investimento, procedeu a emisso de Obrigaes de Caixa do prprio banco no montante de USD 50 milhes, no que constituiu a primeira emisso autorizada pela Comisso de Mercado de Capitais em Angola aps a independncia.. Marcante tambm, foi a aquisio do NovoBanco, a nica instituio financeira em Angola dedicada em exclusivo ao segmento de micro finanas. Com a nova estrutura, o BAI pretende contribuir para o alargamento dos servios bancrios a um segmento de mercado menos estruturado, mas de grande potencial na criao de novos postos de trabalho e, por conseguinte, contribuir para a reduo de carncias sociais. O rigor e o profissionalismo so valores que se preservam e se enaltecem na actividade que desenvolvemos e, por isso mesmo, foi adoptado um Cdigo de Conduta contendo as linhas de actuao e os princpios fundamentais do exerccio de funes por parte de todos os colaboradores do BAI.
Mensagem Conjunta do Presidente do Conselho de Administrao e do Presidente da Comisso Executiva

Mas 2007 no deixou de ser um exerccio de intensa actividade comercial. O banco aumentou os canais e recursos para o atendimento personalizado, assim como colocou novas solues para o financiamento de projectos promovidos pelos seus parceiros. No segmento de particulares destaca-se o lanamento do crdito habitao e no segmento empresarial a disponibilizao de recursos financeiros para o financiamento de projectos de mdio e longo prazos. De resto, o crdito registou das maiores taxas de crescimento no ano, tendo atingido os USD 835 milhes, ou seja, um crescimento de 98% comparativamente ao ano precedente. Esta capacidade foi fortemente influenciada pelo aumento da captao que, no ano, cresceu em 71% para USD 2,8 mil milhes. O BAI manteve-se assim entre as principais instituies financeiras a operar no mercado Angolano, registando o aumento de 58% do seu activo lquido, ou seja, atingindo a cifra de USD 3.6 mil milhes, tornando-se no maior banco do sistema por dimenso de activos.

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Still in 2007, Banco Africano de Investimentos issued cash bonds worth USD 50 million in the bank's own name. This was the first issue authorised by the Angolan Stock Exchange Commission since independence.

Also significant was the acquisition of NovoBanco, the only financial institution in Angola exclusively dedicated to the micro-finance segment. With this new structure, BAI aims to help extend banking services to a market segment that is less organised but has huge potential for the creation of new jobs, and so help reduce social deprivation. Discipline and professionalism are values that are embraced and upheld in the work we do, and for that very reason a Code of Conduct has been adopted which sets out the fundamental principles and guidelines to be observed by all BAI employees as they go about their tasks. But 2007 was also a year of intense commercial activity. The bank increased channels and resources for personalised service while also placing new solutions for funding projects promoted by its partners. The launch of home loan was a key event in the personal banking segment; in the corporate segment the provision of financial resources to fund medium- and long-term projects was a significant step. Moreover, lending expanded rapidly during the year to reach USD 835 million, representing a 98% increase on the previous year. Lending capacity was greatly influenced by the increase in resources captured, which grew by 71% to USD 2.8 billion over the course of the year. BAI thus remains among the foremost financial institutions operating in the Angolan market, recording a 58% increase in net assets, to USD 3.6 billion. This makes it the biggest bank in the system in terms of size of assets.
Joint message from the Chairman of the Board of Directors and the Chairman of the Executive Committee

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No apuramento dos resultados financeiros, o produto bancrio regista uma contribuio notvel que com um crescimento de 84% face ao ano anterior, atingindo Usd 198 milhes. Este indicador revela bem o grau de penetrao, de intermediao financeira e de qualidade da gesto de activos. Os resultados antes dos impostos conheceram tambm um crescimento acentuado, fixando-se em USD 118 milhes, gerando um resultado lquido no ano de USD 78 milhes, uma variao de 77% quando comparado ao exerccio anterior. Do ponto de vista organizacional, a qualidade dos instrumentos de gesto do risco a que est exposto o negcio bancrio tem ganho um peso cada vez crescente, quer pela adequao que o Banco Central vem introduzindo as regras de prudncia, quer por fora da misso adoptada de implementao das melhoras prticas recomendadas para o sector.
Mensagem Conjunta do Presidente do Conselho de Administrao e do Presidente da Comisso Executiva

A busca contnua da eficincia do banco levou a sua gesto a lanar o Projecto Fnix, que levar a implementao de uma nova arquitectura de tecnologias de sistemas de informao sustentada em processos de negcio orientados ao cliente e a uma maior aproximao do banco ao seu mercado alvo. A internacionalizao do Banco persegue, e no ano findo foi obtida a licena para operar no sector bancrio cabo-verdiano devendo a abertura ao pblico ocorrer no segundo semestre de 2008. No domnio da responsabilidade social e engajamento com a comunidade, foram disponibilizados meios para o apoio a aces junto de instituies de caridade, promoo de arte e cultura, assim como o desenvolvimento de talentos desportivos. A confiana que nos tem sido depositada pelo mercado encoraja-nos a progredir na construo de uma instituio financeira angolana de referncia. A administrao do BAI aproveita a oportunidade para agradecer aos seus clientes pela confiana depositada e oportunidade dada de participao activa no desenvolvimento dos seus projectos.

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Financial margin, which increased by 84% relative to the previous year, to USD 198 million, made a substantial contribution to financial results. This is an eloquent indication of the degree of penetration and financial intermediation and the quality of asset management achieved. Pre-tax results also rose sharply, to USD 118 million, giving a net result for the year of USD 78 million, 77% higher than in the previous year.

From the organisational point of view, the quality of instruments for managing the risk to which the banking business is exposed is steadily improving, both by way of the central bank's fine tuning of prudency rules and by virtue of BAI's adopted mission of implementing recommended best practice for the sector.

Internationalisation of the bank continues apace. A licence to operate in the Cape Verde banking sector was obtained in the year in question and the bank should open to the public in the second half of 2008. In the domain of social responsibility and engagement with the community, resources were provided to support the activities of charitable organisations, to promote art and culture and to develop sporting talent. The faith that the market has placed in us encourages us to go forward in building an Angolan financial institution of reference. BAI's management takes this opportunity to thank its clients for trusting the bank with their business and giving it the opportunity to play an active role in making their projects a reality.

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Joint message from the Chairman of the Board of Directors and the Chairman of the Executive Committee

The bank's permanent search for greater efficiency led its management to launch Project Phoenix, which will result in implementation of a new information technology systems architecture based on client-oriented business processes and a closer relationship between the bank and its target market.

Aos colaboradores do banco, agradece-se o empenho e profissionalismo uma vez mais demonstrados. A aposta na formao e preparao do capital humano pedra basilar para enfrentarmos com sucesso os desafios de um sistema financeiro em forte expanso e com nveis crescente de complexidade operacional, tcnica e financeira. Por fim, o BAI enaltece o suporte dos seus accionistas que com o seu sentido de colaborao e apoio tm permitido o crescimento sustentado do maior banco angolano de capitais privados.

Mensagem Conjunta do Presidente do Conselho de Administrao e do Presidente da Comisso Executiva

Jos de Lima Massano Presidente da Comisso Executiva

Jos Carlos de Castro Paiva Presidente do Conselho de Administrao

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Thanks go also to the bank's employees for the commitment and professionalism that they have once again shown. A commitment to training and preparing human capital is the keystone of the bank's strategy for successfully meeting the challenges of a rapidly expanding financial system characterised by an ever greater degree of operational, technical and financial complexity. Lastly, BAI wishes to acknowledge the support of its shareholders, whose backing and cooperation have enabled the sustained growth of Angola's biggest private capital bank.

Jos de Lima Massano Chairman of the Executive Committee

Jos Carlos de Castro Paiva Chairman of the Board of Directors

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Joint message from the Chairman of the Board of Directors and the Chairman of the Executive Committee

4. Principais Referncias 4. Main References

A. rgos Sociais A. Company Institutions Mesa da Assembleia Geral Board of the Shareholders' Meeting

Gerald Bender Presidente da Mesa da Assembleia Geral

Pedro Filipe Vice-Presidente

Principais Referncias

Manuel Gonalves 1. Secretrio

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Conselho de Administrao Board of Directors

Jos Carlos de Castro Paiva Presidente do Conselho de Administrao

Ana Paula Gray Vice-Presidente

Manuel Domingos Vicente Vice-Presidente

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Main References

Jos de Lima Massano Presidente da Comisso Executiva

Mrio Alberto Barber Administrador Executivo

Lus Filipe R. Llis Administrador Executivo

Theodore Jameson Giletti Administrador

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Principais Referncias

Conselho Fiscal Audit Committee

Jaime de Carvalho Bastos Presidente do Conselho Fiscal

Domingos Lima Viegas 1. Vogal

Jlio Sampaio 2. Vogal

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Main References

B. Marcos da Actividade
08/02/07 - Lanamento do Crdito Habitao BAI. 20/03/07 - Lanamento dos Cartes Visa emitidos pelo BAI. 21/03/07 - Assinatura do protocolo de financiamento do programa de investimentos pblicos (PIP 2007), num montante total de USD 400 milhes do qual o BAI toma uma participao de USD 80 Milhes. 20/04/07 - Abertura do balco de Cafunfo, Lunda Norte. 27/04/07 - Assembleia-Geral de Accionistas. - Abertura do balco do Miramar, em Luanda. 26/04/07 - Aprovados o manual da estrutura orgnica geral e os manuais de estrutura de rgos de apoio e rgos de linha da Comisso Executiva. Foram igualmente aprovados, o manual de gesto de recursos humanos, o cdigo de conduta e o regulamento interno do colaborador, como instrumentos de suporte gesto dos RH. 4/05/2007 - Alterada a denominao social do Banco de sociedade annima de responsabilidade limitada para sociedade annima para adequar a designao da sociedade nova lei comercial.

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Principais Referncias

B. Business Milestones
08/02/07 - Launch of BAI Home Loan. 20/03/07 - Launch of Visa cards issued by BAI. 21/03/07 - Signing of the financial protocol for the public investment programme (PIP 2007), for a total amount of USD 400 million, in which BAI took a participation of USD 80 Million. 20/04/07 - New branch opened in Cafunfo, Lunda Norte. 27/04/07 - Annual Shareholders' Meeting. - Miramar branch opened in Luanda. 26/04/07 - The general manual of organisational structure and the manuals detailing the structure of support bodies and line bodies of the executive board were approved. Also approved were the human resources management manual, the code of professional ethics and the internal employee regulations, as tools to support HR management. 4/05/2007 - The Bank changed its name from private limited liability company (sociedade annima de responsabilidade limitada) to limited company (sociedade annima) to bring it into line with the new companies law.

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Main References

14/05/2007 - Entrada em vigor do Cdigo de Conduta do Banco. 19/06/2007 - Revista a estrutura orgnica com a criao da Direco de Empresas e Instituies (DEI) e a Direco de particulares e Negcios (DPN). - BAI assina acordo de gesto com FCC para financiamento de projectos em Bom Jesus no mbito de uma linha de crdito at USD 40 milhes. 21/06/2007 - BAI assina acordo de financiamento de uma operao sindicada internacional de USD 3.0 bilies Sonangol tomando uma posio de USD 50 milhes. 25/07/2007 - Abertura da dependncia Avenida, em Luanda. 17/08/07 - Criao da funo de Supervisor Comercial afecta Direco de Particulares e Negcios. - Lanamento do Produto Crdito Salrio Mais. 20/08/07 - Abertura da dependncia Cidadela, em Luanda. 10/09/07 - Criada a Direco da Banca Electrnica, unidade orgnica de primeiro nvel com a misso de assegurar a coordenao, implementao e acompanhamento do lanamento de novos produtos, canais e servios electrnicos, assim como a gesto do negcio de cartes de dbito e crdito.

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Principais Referncias

14/05/2007 - The Bank's Code of Conduct came into force. 19/06/2007 - The organisational structure was revised with the creation of the Corporate and Institutional Department (Portuguese abbreviation - DEI) and the Personal and Small Businesses Department (Portuguese abbreviation DPN) - BAI signed a management agreement with FCC to fund projects in Bom Jesus in the context of a credit line of up to USD 40 million. 21/06/2007 - BAI signed an agreement to finance an international syndicated operation of USD 3.0 billion for Sonangol, taking a position of USD 50 million. 25/07/2007 - Avenida branch opened in Luanda. 17/08/07 - The role of Commercial Supervisor assigned to the Personal and Small Businesses Department was created. - The Crdito Salrio Mais (Salary Credit Plus) product was launched. 20/08/07 - Cidadela branch opened in Luanda. 10/09/07 - The Electronic Banking Department was created, as a first-level organisational unit with the mission of coordinating, implementing and overseeing the launch of new electronic products, channels and services, and also of managing the debit and credit card business.

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Main References

20/08/07 - Abertura do Balco SIAC, em Luanda. 19/09/07 - Abertura do Balco da Boavista, em Luanda. 15/10/07 - Obteno da licena para abertura do BAI Cabo Verde. 31/10/07 - Co-Liderana e Tomada Firme de Operao de Financiamento ao Governo de Angola, num valor total de USD 3.5 bilies. 27/11/07 - Lanamento do Projecto Fnix reengenharia e redesenho de processos, novo sistema de informao. 06/12/07 - Assinatura de Contrato de Compra e Venda de Aces do NovoBanco. 29/12/07 - Outorga da Certido para a emisso de Ttulos de Dvidas do BAI no valor de USD 50 milhes (1 Emisso privada em Angola).

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Principais Referncias

20/08/07 - SIAC branch opened in Luanda. 19/09/07 - Boavista branch opened in Luanda 15/10/07 - Licence to open BAI Cape Verde obtained 31/10/07 - BAI co-led and underwrote an operation totaling USD 3.5 billion to finance the Government of Angola. 27/11/07 - Project Phoenix launched reengineering and redesign of processes, new information system. 06/12/07 - The contract for the acquisition of shares in NovoBanco was signed. 29/12/07 - The certificate was granted for the issue of BAI debt securities in the amount of USD 50 million (first private issue in Angola)

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Main References

5. Estratgia e Modelo de Negcio 5. Strategy and Business Model

A estratgia e modelo de negcio do BAI vo de encontro s necessidades mais prementes do sector pblico no seu esforo de reconstruo nacional e do sector privado, na gesto, expanso e desenvolvimento de negcios. No segmento de particulares, a estratgia e o modelo de negcio do Banco visa oferecer solues adequadas uma crescente demanda, quer em quantidade como em diversidade de produtos e servios financeiros. O BAI prope-se oferecer aos clientes diferentes tipos de solues consoante as reas de negcio em que intervm: banca corporativa, de retalho, e de investimento. Para isso, sustenta o seu modelo de negcios em quatro pilares principais: Uma equipa de profissionais competente e dinmica, Processos de negcio eficazes e eficientes (aprimorados continuamente), O cliente como o foco das actividades quotidianas do banco, Um retorno competitivo aos investimentos dos clientes do banco,

No importante segmento da Banca Corporativa, atravs de centros de empresas com gestores de relacionamento, o Banco esfora-se por oferecer solues ajustadas (personalizadas) s necessidades dos clientes. Deste modo, o BAI dinamiza os negcios e os mercados em que os seus clientes participam, pondo disposio solues globais, compostas por produtos e servios orientados ao comrcio (trade finance), tesouraria e financiamento de activos fixos. Optando por uma estratgia de padronizao de produtos e servios financeiros no segmento da Banca de Retalho, o Banco empenha-se em melhorar o acesso s suas solues. Com o objectivo de oferecer maior conforto e autonomia aos clientes, o BAI investe de forma contnua na expanso dos seus canais fsicos (agncias) e electrnicos (Internet banking). Neste segmento, orientado aos particulares e pequenas empresas, o Banco opta por se diferenciar dos seus pares mediante (i) a qualidade dos servios prestados (sistema de gesto de filas), (ii) a inovao da oferta de proEstratgia e Modelo de Negcio

38

BAI's strategy and business model aim to answer the most pressing needs of the public sector in its efforts to rebuild the country and of the private sector, in the management, expansion and development of businesses. In the personal banking segment, the bank's strategy and business model aim to offer solutions appropriate to the growth in demand, in terms of both quantity and diversity of financial products and services. BAI seeks to offer customers solutions of different types according to the business area concerned: corporate banking, retail banking and investment banking. To this end its business model stands on four main pillars: A competent and dynamic team of professionals, Effective and efficient business processes (that are continuously improved), The customer as the focus of the bank's daily activities, A competitive return on the bank's customers' investments,

In the key corporate banking segment, the bank is working to offer personalised solutions tailored to the needs of each customer, via corporate banking centres with relationship managers. In this way, BAI stimulates the businesses and markets in which its customers are involved, by providing global solutions made up of products and services oriented towards trade (trade finance), working capital and fixed assets financing. Opting for a strategy of standardisation of financial products and services in the retail banking segment, the bank is committed to improving access to its solutions. With the objective of offering customers greater comfort and autonomy, BAI invests continuously in expanding its physical channels (branches) and electronic channels (Internet banking). In this segment, oriented towards individuals and small enterprises, the bank chooses to differentiate itself from its rivals through (i) the quality of the services provided (queue management system),
Strategy and Business Model

39

dutos de poupanas (Ttulos Garantidos BAI) e de crdito (primeira instituio bancria a oferecer cartes de crdito da rede VISA emitidos em Angola). Na Banca de Investimentos, o BAI elegeu como segmentos-alvo os sectores que mais beneficiam com a estabilidade e o crescimento econmico do pas. Atravs de financiamentos de mdio e longo prazo e participao na subscrio de ttulos de dvida do Estado, o Banco procura servir os sectores dos petrleos, da construo civil, obras pblicas, transportes e outros. Embora no estando hoje presente em todas as capitais de provncia, o Banco esfora-se por se estabelecer em todas as provncias do pas e em todos os municpios da provncia de Luanda. O Banco aposta tambm na internacionalizao da sua marca privilegiando a sua presena nos mercados lusfonos, quer de modo autnomo, quer em aliana com instituies que contribuam para a realizao dos objectivos de negcio do BAI e dos seus clientes. Como marca, o BAI associa-se aos projectos de maior relevncia para o desenvolvimento scio-econmico do Pas. No mbito da sua estratgia de responsabilidade social, o Banco envolve-se activamente em eventos sociais, desportivos e culturais, atravs de patrocnios e divulgao destas actividades. Com igual convico, o Banco contribui activamente no auxlio s camadas mais desfavorecidas da sociedade angolana, procedendo oferta de donativos a organizaes de caridade.

40

Estratgia e Modelo de Negcio

and (ii) innovation in the savings (BAI Guaranteed Securities) and credit products on offer (first banking institution to offer VISA credit cards issued in Angola). In investment banking, BAI has selected as target segments the sectors that benefit most from stability and economic growth in Angola. Through medium-and long-term loans and participation in underwriting State debt securities, the bank aims to serve the oil, civil construction, public works and transport sectors, among others. Although it does not currently have a presence in all the provincial capitals, the bank is working to establish itself in all the country's provinces and in every municipality of Luanda province. The bank is also committed to internationalising its brand, with priority given to establishing a presence in Portuguese-speaking markets, either autonomously or in alliance with institutions that can help BAI and its customers to achieve their business goals. As a brand, BAI is associated with the projects most significant to Angola's socio-economic development. In the context of its strategy of corporate responsibility, the bank is actively involved in social, sporting and cultural events through sponsorship and publicity. With equal conviction, the bank actively contributes to helping the least favoured strata of Angolan society and makes donations to charitable organisations.

41

Strategy and Business Model

6. Enquadramento Macroeconmico Financeiro 6. Macroeconomic Financial Background

A. Contexto Internacional
O ano de 2007 terminou registando um esfriamento da economia global. Em termos de crescimento do PIB, o quarto trimestre do ano contrariou a tendncia crescente dos trs precedentes, afectado pela queda nos ndices bolsistas a nvel global. Foi um ano em que se registaram nveis de inflao nos principais blocos econmicos (EUA e Zona Euro) muito superiores aos de exerccios recentes. De acordo com as estimativas do FMI, o crescimento da economia mundial dever situar-se nos 4.9% em 2007, uma ligeira desacelerao comparativamente 2006, que registou um crescimento de 5.0%2. Este abrandamento principalmente influenciado por um esfriamento nas economias desenvolvidas, entre elas, a norte-americana, a da zona euro e a japonesa. O crescimento robusto das economias emergentes e em desenvolvimento permitiu travar uma desacelerao mais acentuada na economia mundial. As economias desenvolvidas foram fortemente abaladas pela crise de liquidez nos mercados monetrio e de crdito. Contribuiu para esta crise uma outra no crdito subprime nos EUA, cujas perdas acumuladas podero variar entre os USD 300 bilies3 e os USD 400 bilies. A deteriorao no crdito subprime um dos principais factores que contriburam para a crise nos mercados financeiros, e concomitantemente para a das economias desenvolvidas. A economia americana registou um crescimento do produto interno bruto de apenas 2.2%4 em 2007, comparado aos 2.9%5 registados em 2006. Esta diminuio influenciada pelo crescimento de apenas 0.6% registado no ltimo trimestre de 2007, muito inferior aos 4.9% do terceiro trimestre do mesmo ano6. Contribuiu para esta queda a diminuio de 23.9% nos investimentos imobilirios. Embora tenha diminudo, o consumo confirmou-se como o factor sustentador desta economia ao no variar significativamente das suas mdias dos anos anteriores. A Zona Euro no escapou tendncia das economias desenvolvidas, tendo crescido a uma taxa de apenas 2.6% em 2007 comparada a 2.8% no ano anterior7. A diminuio na procura externa, influenciada pela quebra das importaes do seu principal parceiro econmico os EUA e a queda do investimento so os principais factores que contriburam para fraca performance da economia da Zona Euro.

Enquadramento Macroeconmico Financeiro

2 3

44

Fonte: Fonte: 4 Fonte: 5 Fonte: 6 Fonte: 7 Fonte:

FMI Bloomberg (Fev.08) FMI FMI Wall Street Jounal FMI

A. International Context
By the end of 2007 a cooling of the global economy was apparent. In terms of GDP growth, the fourth quarter of the year bucked the upward trend of the three previous quarters, depressed by falling stock market indices worldwide. This was a year in which the levels of inflation recorded in the main economic blocs (the USA and the euro zone) were much higher than in recent years. According to IMF estimates, the world economy grew by around 4.9% in 2007, a slightly slower rate than in 2006, when growth of 5.0%2 was achieved. This slowdown was mainly influenced by a cooling of the developed economies, including those of North America, the euro zone and Japan. Robust growth in emerging and developing economies served to prevent a sharper slowdown in the global economy. The developed economies were hard hit by the liquidity crisis in the money and credit markets. This crisis was in turn predicated at least in part on another, namely the crisis in subprime credit in the USA, where accumulated losses could be between USD 300 billion3 and USD 400 billion . The deterioration in subprime credit is one of the main factors underlying the crisis in the financial markets, and at the same time the crisis in the developed economies. The US economy achieved gross domestic product growth of just 2.2%4 in 2007, compared with 2.9%5 in 2006. This decrease reflects growth of a mere 0.6% in the last quarter of 2007, far short of the 4.9% recorded in the third quarter of the same year6. This fall was due in part to a 23.9% decrease in real estate investments. Although it has fallen, consumption confirmed its role as a sustaining factor for this economy, as it did not vary significantly from its average levels in previous years. The euro zone did not escape the trend common to the developed economies as a whole, growing at a rate of only 2.6% in 2007, compared with 2.8% in the previous year7. Weaker external demand, influenced by a decline in imports by its main trading partner, the United States, and lower investment were the main factors behind the weak performance of the euro zone economy.
Macroeconomic Financial Background

2 3 4 5 6 7

Source: IMF Source: Bloomberg (Feb.08) Source: IMF Source: IMF Source: Wall Street Journal Source: IMF

45

Com uma tendncia crescente, surgem as economias emergentes, que no seu todo cresceram a um ritmo de 7.8% em 2007, superior aos 7.7% verificados em 2006. Dentro deste grupo, destaca-se a China, que registou uma taxa de crescimento de 11.4% comparado a 11.1% em 2006. As economias em desenvolvimento seguiram a mesma tendncia das economias emergentes. Com um crescimento de 6% em 2007 comparado a 5.8% em 2006, as economias africanas e do mdio-oriente confirmaram o seu ascendente econmico. Alm da contraco da economia mundial verificada durante o exerccio em anlise, registaram-se elevados nveis de inflao nas economias desenvolvidas. Por exemplo, a economia americana registou a maior taxa de inflao dos ltimos 17 anos, situando-se em 4.1%. As maiores subidas de preos foram registadas no sector da energia (+17,4%) devido ao aumento no preo do petrleo, e tambm nos alimentos (+4.9%) causada pela diminuio substancial na oferta de milho e trigo, commodities que foram desviadas para a produo de etanol8. A mesma tendncia verificou-se na Zona Euro onde a inflao anual de 2007 foi de 3.1% comparada a 1.9% em 20069. A taxa de inflao registada em 2007 foi a mais alta dos ltimos 6 (seis) anos na Zona Euro. Contriburam para este dado histrico o aumento dos preos na educao (+9.4%), transportes (+5.6%) e alimentos (+4.8%). Para o agravamento dos ndices de preos das economias desenvolvidas durante o ano de 2007, contribuiu o aumento do preo do petrleo. Durante o referido exerccio, o preo do barril oscilou entre os USD 58 e USD 9710. Esteve na origem deste aumento vrios factores ao longo do ano, tais como: o crescimento na demanda por parte das economias emergentes, como por exemplo a China, e a instabilidade poltico-militar em alguns pases exportadores tais como a Nigria, Iro e Iraque.
Enquadramento Macroeconmico Financeiro

46

8 9

Department of Labor USA Fonte: Eurostat 10 Fonte: Department of Energy USA. Preo da rama brent a 01.01.2007 e 31.12.2007, respectivamente.

Growth in the emerging economies, on the other hand, continued to accelerate: collectively they grew at a rate of 7.8% in 2007, outstripping the 7.7% seen in 2006. Within this group, pride of place goes to China, which achieved a growth rate of 11.4%, versus 11.1% in 2006. The developing economies followed the same trend as the emerging economies. With growth of 6% in 2007 compared to 5.8% in 2006, the economies of Africa and the Middle East confirmed their waxing economic fortunes. In addition to the slowing of the global economy seen during the year in question, high levels of inflation were recorded in the developed economies. For example, the US economy experienced its highest inflation for the past 17 years, at 4.1%. The biggest price hikes were seen in the energy sector (+17.4%), due to the increase in the price of oil, and also in food (+4.9%), prompted by a substantial decrease in the supply of corn and wheat as these commodities were diverted to ethanol production8. The same tendency was seen in the euro zone, where annual inflation in 2007 was 3.1%, as against 1.9% in 20069. The inflation rate recorded in 2007 was the euro zone's highest for six years. The higher costs of education (+9.4%), transport (+5.6%) and food (+4.8%) all contributed to this situation. The increase in the price of oil contributed to the worsening of price indices in the developed economies over the course of 2007, with the price of a barrel of oil oscillating between USD 58 and USD 9710. Various factors put upward pressure on oil prices during the year, including growing demand from emerging economies, such as China, and military and political instability in a number of exporter countries, such as Nigeria, Iran and Iraq.

8 9

Departament of Labor USA Source: Eurostat 10 Source: Department of Energy USA. Price of Brent on 01.01.2007 and 31.12.2007, respectively.

47

Macroeconomic Financial Background

Grfico 1: Evoluo das Taxas de Juro


8,00%

Com o crescimento econmico em risco e os nveis de confiana dos investidores em baixa, o banco central americano viu-se obrigado a baixar as taxas de juros para relanar a economia. Assim, no dia 31.12.2007, a taxa de juro de referncia era de 4.25%, precisamente um ponto percentual mais baixo quando comparado aos 5.25% no mesmo perodo em 200611. Com o mesmo objectivo, o FED reduziu as taxas de redesconto, tendo passado de 6.25% no princpio do ano para uma taxa de 4.75% em Dezembro de 2007.

6,50%

5,00%

3,50%

2,00% Jan Fev Mar Abr Mai Jun Jul Ago Set Out Nov Dez

FED Funds 3M_EUR_Libor

FED Discount Rate 3M_BP_Libor

3M_USD_Libor

Para alm da gesto da taxa de juro de referncia, outra medida tomada em conjunto por cinco bancos centrais FED, Banco do Canad, BCE, Banco de Inglaterra e o Banco Nacional Suo foi a cedncia de liquidez ao mercado com o intuito de aliviar dificuldades existentes nos acessos aos financiamentos de curto prazo. O Banco Central Europeu, em 8 de Setembro de 2007, injectou na Zona Euro um montante sem precedentes de 95 bilies, atravs de um emprstimo aos bancos comerciais12. O objectivo desta medida foi de atenuar a escassez de liquidez nos mercados monetrios europeus. No caso particular do FED, a cedncia de liquidez teve lugar atravs de um leilo s instituies com capacidade de creditao junto do mesmo, tendo como garantias ttulos emitidos pelas Reservas Federais Regionais. O primeiro leilo teve lugar a 17 de Dezembro de 2007, tendo sido leiloados USD 20 bilies13. semelhana do acontecido durante o exerccio 2006, o dlar continuou a desvalorizar-se comparativamente s principais moedas. No que respeita a sua desvalorizao perante o Euro, o dlar atingiu o valor historicamente mais baixo ao situar-se nos USD 1.47/EUR 1.

48

Enquadramento Macroeconmico Financeiro

11 12

Fonte: Federal Reserve Board Financial Times 13 Fonte: Federal Reserve Site

With economic growth at risk and levels of investor confidence lower, the US central bank found itself obliged to cut interest rates to relaunch the economy. Thus on 31.12.2007, the reference rate was 4.25%, exactly one percentage point lower than on the same date in 2006, when it stood at 5.25% . With the same objective, the Fed cut discount rates, from 6.25% at the start of the year to 4.75% in December 2007.

Chart 1: Interest Rates


8,00%

As well as managing the reference interest rate, another step taken jointly by five central banks the Fed, the Bank of Canada, the ECB, the Bank of England and the Swiss National Bank - was to grant liquidity to the market with the aim of relieving pressures caused by the difficulty of accessing short-term funds. On 8 September 2007 the European Central Bank injected the unprecedented amount of 95 billion into the euro zone by way of a loan to the commercial banks12. The objective of this measure was to attenuate the shortage of liquidity on European money markets. In the specific case of the Fed, liquidity was granted by way of an auction to eligible institutions, taking securities issued by regional federal reserves as collateral. The first auction took place on 17 December 2007, and a total of USD 20 billion was auctioned13. As was the case in 2006, the dollar continued to slide against the main currencies. In terms of its depreciation against the euro, the dollar hit an all-time low of USD 1.47/EUR 1.

6,50%

5,00%

3,50%

2,00% Jan Feb Mar Apr May Jun Jul Ago Sept Oct Nov Dec

FED Funds 3M_EUR_Libor

FED Discount Rate 3M_BP_Libor

3M_USD_Libor

11 12

Source: Federal Reserve Board Financial Times 13 Source: Federal Reserve Site

49

Macroeconomic Financial Background

Grfico 2: Evoluo da Taxa de Cmbio Euro vs. Dlar


2,5 2 1,5 1 0,5 0 Jan Fev Mar Abr Mai Jun Jul Ago Set Out Nov Dez 125 120 115 110 105 100

A tendncia decrescente das taxas de juro norte-americanas contribuiu para a desvalorizao do dlar. Pela primeira vez nos ltimos anos, as taxas de juros em dlares negociaram ao mesmo nvel daquelas em euros (ver grfico 1), resultado dos sucessivos cortes da taxa de juro de referncia por parte da Reserva Federal. Devido incerteza reinante no seio dos mercados financeiros, o ano 2008 adivinha-se bastante voltil devido atitude mais adversa ao risco por parte dos investidores. O mundo ficar expectante quanto recuperao da economia americana e ao impacto da actual crise financeira na economia real. Com as economias mais desenvolvidas a desacelerarem, as economias emergentes e em desenvolvimento, reforaro o seu peso uma vez que sero determinantes no crescimento da economia global em 2008.

EURDOL

GBPUSD

USDYEN

B. Contexto Angolano
Cenrio Econmico Em 2007, a economia angolana continuou a beneficiar de um ambiente de crescimento e estabilidade. Com efeito, a inflao continuou controlada, a moeda nacional manteve-se estvel, as contas pblicas registaram um equilbrio e a conta corrente da balana de pagamentos terminou o ano com um supervit.

50

Enquadramento Macroeconmico Financeiro

Chart 2: Euro vs. Dollar Exchange Rate


2,5 125 120 115 110 105 100 Jan Feb Mar Apr May Jun Jul Ago Sept Oct Nov Dec

The downward trend in US interest rates contributed to dollar depreciation. For the first time in recent years, dollar interest rates stood at the same level as euro rates (see chart 1), as a result of a series of cuts in its reference rate by the Federal Reserve. As a consequence of the uncertainty prevailing on the financial markets, 2008 is forecast to be fairly volatile because of a more risk-adverse stance on the part of investors. The world will continue to seek signs of recovery in the US economy while watching for the impact of the current financial crisis on the real economy. With the more developed economies slowing down, the relative importance of the emerging and developing economies will increase, as they will be decisive to world economic growth in 2008.

2 1,5 1 0,5 0

EURDOL

GBPUSD

USDYEN

B. Angolan Context
Economic Scenario In 2007 the Angolan economy continued to benefit from an environment of growth and stability. Inflation was kept under control, the national currency remained stable, the public accounts were balanced and the current account of the balance of payments ended the year in surplus.

51

Macroeconomic Financial Background

Consolidao da Estabilidade Macroeconmica A conduo das polticas monetria, fiscal e cambial manteve a inflao em nveis controlados. Em 2007, a inflao situou-se em 11.78%, cifra ligeiramente inferior aos 12.21% registados em 2006, e significativamente abaixo da registada em 2005 (18.53%). No entanto, a inflao situou-se acima dos 10%, meta preconizada pela equipa econmica para 2007, o que levou o BNA a inverter a tendncia decrescente das taxas de juro que se observava nos ltimos anos. Outra reaco daquele organismo supervisor foi a de mudar a regulamentao relativa s reservas obrigatrias, determinando que os investimentos em Ttulos do Banco Central (TBC) no seriam equacionados no clculo das mesmas (Aviso 04/07 de 30 de Agosto).

Assim, as taxas dos TBCs com maturidade de 182 dias que haviam descido at aos 6.12% em 2006, evoluram em 2007 at aos 14%, o que despoletou uma maior procura de produtos de poupana em AKZ, por parte do mercado. A taxa de redesconto, que havia descido de 95% para 14% ao longo de 2006, aumentou para 19.57%, no final de 2007. Outra consequncia da poltica monetria restritiva levada a cabo pelo governo foi a valorizao da moeda nacional face ao dlar americano. Assim sendo, no final do exerccio de 2007, 1 USD valia AKZ 75 ao passo que em Dezembro de 2006, valia AKZ 80. De acordo com o governador do BNA, trs factores tero contribudo para manter a rigidez inflacionria e para diminuir o impacto da apreciao do Kwanza: 1) a acelerao dos preos das commodities no mercado internacional, 2) o aumento nas componentes da procura interna, consumo privado, pblico e investimentos e 3) a inrcia inflacionria14. Observadores da economia angolana apontam ainda os constrangimentos ao nvel das infra-estruturas da cadeia de distribuio como mais um factor a ter em conta na rigidez da inflao.

52
14

Enquadramento Macroeconmico Financeiro

Fonte: Entrevista do Governador do BNA publicao anual Banca em Anlise Angola 2007, da Deloitte.

Consolidation of macroeconomic stability Monetary, fiscal and exchange rate policies were conducted in such a manner as to keep inflation under control. In 2007 inflation was 11.78%, a figure slightly below the 12.21% recorded 2006, and significantly lower than the level seen in 2005 (18.53%). Inflation nevertheless came in above the 10% target envisaged by the economic team for 2007, prompting the National Bank of Angola (BNA) to reverse the downward trend in interest rates that had prevailed in recent years. Another reaction on the part of the BNA, the banking sector's supervisory institution, was to change the rules on compulsory reserves so that investments in Central Bank Securities (Portuguese abbreviation - TBCs) would no longer be taken into account in calculating such reserves (Notification 04/07 of 30 August). Thus rates on TBCs with a maturity of 182 days, which had fallen to 6.12% in 2006, rose to 14% in 2007, triggering stronger demand from the market for kwanza-denominated savings products. The discount rate, which had fallen from 95% to 14% over the course of 2006, rose to 19.57% at the end of 2007. Another consequence of the government's restrictive monetary policy was appreciation of the national currency against the US dollar. Thus, at the end of 2007, 1 USD was worth AKZ 75, when in December 2006 it had been worth AKZ 80. According to the governor of the BNA, three factors conspired to maintain inflationary rigidity and to reduce the impact of kwanza appreciation: 1) rising commodity prices on the international market 2) an increase in the national demand, private and public consumption and investment components and 3) inflationary inertia14. Observers of the Angolan economy also point to restrictions at the level of distribution chain infrastructure as another factor contributing to inflation rigidity.

53
14 Source: Interview by the Governor of the BNA in the annual publication Banca em Anlise (Banking Analysis) Angola 2007, by Deloitte.

Macroeconomic Financial Background

Inflao
14,00% 12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00%
Dez-06 Jan-07 Fev-07 Mar-07 Abr-07 Mai-07 Jun-07 Inflao mensal Inflao Acumu. Anual Jul-07 Ago-07 Set-07 Out-07 Nov-07 Dez-07 Inflao homloga ltimos 12 meses

O Crescimento Econmico As previses de crescimento do PIB apontam para uma taxa de 24.4% em 2007, superior aos 18.6% registados em 2006. Projeces do governo apontam para um PIB a preos correntes de mercado volta dos USD 53 bilies. As estimativas apontam para um crescimento de 21.8% no sector petrolfero e de 27.9% no no-petrolfero. O crescimento do sector petrolfero reflecte o aumento da produo de petrleo de 1.427 mil barris dia, em 2006, para 1.812 barris por dia em 2007. Reala-se a entrada em produo dos projectos Greater Plutonio (Bloco 18), e Rosa (Bloco 17). O sector no petrolfero beneficiou de melhorias no ambiente econmico e dos grandes esforos do governo na construo e reabilitao de infra-estruturas e na realizao de investimentos nos variados sectores da economia. De acordo com as projeces do governo, os sectores da agricultura, silvicultura e pescas, construo e da energia elctrica registaram um aumento do peso na composio do PIB. Equilbrio das Contas Pblicas O governo prev que o saldo das contas pblicas em 2007 registe um supervit de cerca de Kz 79,7 bilies (USD 1.1 bilies), o equivalente a 2,0 % do PIB. No entanto, as projeces apontam para um saldo de caixa correspondente a um dfice de 0,1 % do PIB, que corresponde a variao de atrasados internos e externos. Note-se, no entanto, que o Oramento Geral do Estado revisto para 2007 previa um saldo global correspondente a um dfice de 9%. O saldo registado acima do esperado ter sido influenciado pelo comportamento do preo do barril de petrleo bruto (Brent) que variou entre USD 58 e USD 97, muito acima das previses do governo, e a ainda limitada capacidade de execuo dos programas de investimentos pblicos.

Fonte: BNA

54

Enquadramento Macroeconmico Financeiro

Inflation
14,00%

Economic growth Forecasts for GDP growth suggest a rate of 24.4% in 2007, higher than the 18.6% reported in 2006. Government projections foresee GDP of around USD 53 billion at current market prices. Estimates indicate growth of 21.8% in the oil sector and 27.9% in the non-oil sector. Growth in the oil sector reflects an increase in oil production from 1,427,000 barrels per day in 2006 to 1,812,000 barrels per day in 2007. The entry into production of the Greater Plutonio (Block 18) and Rosa (Block 17) projects was of particular significance. The non-oil sector benefited from improvements in the economic environment and major efforts on the part of the government to rebuild and rehabilitate basic infrastructure. According to government projections, public investment in the various sectors of the economy resulted in an increase in the contribution of the agricultural, forestry and fisheries, construction and electricity increased their weight on the GDP composition. Balanced public accounts The government predicts that the balance on the public accounts for 2007 will show a surplus of approximately Kz 79.7 billion (USD 1.1 billion), equivalent to 2.0 % of GDP. However, the projections indicate a cash balance corresponding to a deficit of 0.1 % of GDP, which corresponds to the difference between national and external arrears. It should be noted, however, that the revised General State Budget for 2007 foresaw a global balance corresponding to a deficit of 9%. The higher-than-expected balance actually recorded was attributable to the behaviour of the price of a barrel of crude oil (Brent), which ranged between USD 58 and USD 97, much higher than government forecasts, and the fact that capacity to implement public investment programmes remains limited.

12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00%


Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Monthly Inflation Cum. Annual Inflation Jul-07 Agu-07 Sept-07 Oct-07 Nov-07 Dec-07 Year-on-year Inflation

Source: BNA

55

Macroeconomic Financial Background

Distribuio funcional da despesa do estado


Ano 2007 Encargos Financeiros 22% Defesa e Segurana Sector Econmico 30% 15% 29% 15% Defesa e Segurana Ano 2006

Estima-se que as despesas oramentais totais em 2007 correspondam a 38,8% do PIB, que comparam com a cifra de 32.3% em 2006. Esse aumento projectado influenciado pelo aumento da proporo das Despesas Correntes relativamente ao PIB. Estima-se ainda que a Despesa de Capital dever ter-se mantido em torno dos 10 % do PIB. Em 2007 as operaes financeiras do governo devero gerar um aumento do stock da dvida pblica equivalente a apenas USD 34,3 milhes.

A Normalizao das Relaes com o Club de Paris


Encargos Financeiros 18% 15% Administrao Administrao

Sector Econmico

16%

21%

19%

Sector Social Fonte: Minfin

Sector Social

Em 2007 foram realizados importantes avanos relativamente Dvida Externa. Angola pagou aos credores do Clube de Paris o total da sua dvida em mora com a excepo dos juros vencidos e retomou os pagamentos normais da sua dvida de maturidades correntes. O governo comprometeu-se tambm a pagar em trs prestaes anuais, o montante total de juros de mora avaliados em 1,8 bilies de dlares a partir de Janeiro de 2008 at Janeiro de 2010. Assim, aps cerca de 15 anos sem cumprir as responsabilidades com os credores membros do Clube de Paris, Angola v normalizar as suas relaes com o Clube que prontamente instruiu os seus membros a retomarem o crdito exportao, se o desejarem. A dvida externa de Angola, de acordo com as projeces do FMI, dever rondar os 16% do PIB, o que compara com os 20% estimados para 2006. Segundo as projeces do governo, a amortizao da dvida externa dever ter absorvido cerca de Kz 241,4 bilies (USD 3.1 bilies), enquanto que os desembolsos devero rondar os Kz 198.9 bilies (USD 2.6 bilies). No conjunto as operaes de financiamento externo (desembolsos e amortizao da dvida pblica externa) devero gerar, uma diminuio do stock de dvida externa equivalente a USD 562.9 milhes.

56

Enquadramento Macroeconmico Financeiro

Total budgetary expenditure in 2007 is expected to correspond to 38.8% of GDP, compared with a figure of 32.3% in 2006. This projected increase reflects an increase in the proportion of current expenditure relative to GDP. It is also estimated that capital expenditure will remain at around 10% of GDP. In 2007, the government's financial operations should generate an increase in the stock of public debt equivalent to just USD 34.3 million.

Breakdown of State Expenditure by Function


Year 2007 Year 2006 Financial Costs 22% Defence and Security Economic Sector 30% 15% 29% 15% Defence and Security

Normalisation of relations with the Paris Club


Financial Costs Administration 18% 15% Administration

In 2007 important progress was made in the domain of the country's external debt. Angola paid back to its Paris Club creditors the full amount of its outstanding debt, with the exception of interest, and resumed normal repayments on its current debt. The government also promised to pay the full amount of interest overdue, in three annual instalments from January 2008 to January 2010; this is estimated at approximately 1.8 billion dollars. Thus, after not meeting its liabilities to Paris Club creditors for some 15 years, Angola normalised its relations with the Club, which promptly instructed its members to resume export credit, if they wished to do so. According to IMF forecasts, Angola's external debt should be in the region of 16% of GDP, which compares with an estimated 20% in 2006. According to government projections, repayment of external debt will have absorbed approximately Kz 241.4 billion (USD 3.1 billion), while disbursements should be in the region of Kz 198.9 billion (USD 2.6 billion). Overall, external borrowing operations (disbursements and repayment of external public debt) should generate a reduction in the stock of external debt equivalent to USD 562.9 million.

Economic Sector

16%

21%

19%

Social Sector Source: Minfin

Social Sector

57

Macroeconomic Financial Background

A Balana de Pagamentos De acordo com as projeces do FMI, o supervit da conta corrente dever rondar os USD 3.8 bilies. A rpida expanso das exportaes, constitudas essencialmente por petrleo e diamantes, tero produzido um supervit na balana comercial (ou de mercadorias) na ordem dos USD 23.9 bilies. O saldo da balana comercial compensa assim os deficits das contas de servios (USD -8.5 bilies), de rendimentos dos factores (USD -11.4 bilies) e das contas de transferncias correntes (USD -160 milhes). O supervit da conta corrente cresceu de 3.5% do PIB em 2004 para 23.3% em 2006 e espera-se que se situe em 6.4% no final de 2007. As Reservas Internacionais Lquidas No final de Dezembro de2007, o stock de reservas internacionais lquidas (RIL) situou-se em USD 11.1 bilies, acima dos USD 8,6 bilies registados em Dezembro de 2006. Esta acumulao de reservas explicada pela fraca capacidade da economia em absorver os crescentes recursos em moeda estrangeira, originados no sector petrolfero, postos disposio pelo BNA atravs do mecanismo de esterilizao ex-ante. As RIL so compostas pelos depsitos em contas de correspondentes no estrangeiro ordem e a prazo, pelos cheques sobre o estrangeiro, pelas notas e moedas estrangeiras na caixa do BNA (todos esses activos devero ser lquidos das obrigaes com o exterior, de curto prazo). Para satisfazer a procura por cambiais manifestada pelos agentes econmicos atravs dos bancos comerciais, durante o perodo em anlise, o BNA vendeu no Mercado Cambial Interbancrio divisas no montante de USD 4,28 bilies. Espera-se que em 2008 a economia angolana continue a beneficiar de um ambiente de crescimento e estabilidade. A taxa de inflao dever manter-se controlada, a moeda nacional dever manter-se estvel, as contas pblicas devero registar um deficit correspondente a 8.6% do PIB e a conta corrente da balana de pagamentos dever registar um supervit.

58

Enquadramento Macroeconmico Financeiro

Balance of payments According to IMF projections, the surplus on the current account should be in the region of USD 3.8 billion. The rapid expansion of exports, consisting essentially of oil and diamonds, will have resulted in a surplus on the trade (or goods) balance in the order of USD 23.9 billion. Thus, the trade balance offsets the deficits on the services account (USD-8.5 billion), the factor income account (USD-11.4 billion) and the current transfers accounts (USD-160 million). The current account surplus swelled from 3.5% of GDP in 2004 to 23.3% in 2006 and is expected to be 6.4% at the end of 2007. Net international reserves At the end of December 2007, the stock of net international reserves was USD 11.1 billion, up from the USD 8.6 billion recorded in December 2006. This accumulation of reserves is attributable to the economy's inability to absorb the growing foreign currency resources originating in the oil sector and made available by the BNA through the ex ante sterilisation mechanism. Net international reserves are made up of demand and term deposits in correspondents' accounts abroad, foreign cheques and foreign notes and coins held at the BNA (all such assets must be net of short-term external obligations). To meet demand for foreign exchange manifested by economic agents through the commercial banks, the BNA sold USD 4.28 billion of currency on the interbank foreign exchange market. It is anticipated that in 2008 the Angolan economy will continue to benefit from an environment of growth and stability. The inflation rate should remain under control, the national currency should remain stable, the public accounts should post a deficit corresponding to 8.6% of GDP and the current account of the balance of payments should also be in surplus.

59

Macroeconomic Financial Background

Situao Monetria e Financeira Durante o ano de 2007 a economia nacional registou um aumento dos Meios de Pagamento num ambiente de forte crescimento econmico e nvel de inflao controlado. Assistiu-se tambm a um aumento na taxa de bancarizao e diminuio no nvel de dolarizao da economia. Verificou-se ainda a reduo do nvel de preferncia pela liquidez por parte dos agentes econmicos. Durante o ano 2007, o agregado monetrio amplo (M3) cresceu 49%, devido ao crescimento de 15% dos Activos Externos lquidos. Contriburam tambm para o crescimento do (M3) o aumento em 104% dos Activos Internos Lquidos que se tornaram positivos em 2007, devido ao crescimento de 160% do Crdito Interno Lquido. Em Dezembro de 2006, 58% do (M3) estava denominado em moeda externa, enquanto que em Dezembro de 2007 a cifra passou para 49%, sinalizando uma diminuio no nvel de dolarizao da economia, facto que motivado pela estabilidade no nvel de preos e pela apreciao do Kwanza. Relativamente composio do agregado (M2), em Dezembro de 2006, 77% do seu valor era composto por Moeda (M1) e 23% por Quase-moeda (Depsitos a prazo e outras obrigaes). Em Dezembro de 2007, o peso da Moeda (M1) aumentou para 83% enquanto que a Quase-moeda diminuiu para 17%. Durante o perodo, o agregado M1 cresceu 50% enquanto que a Quase-moeda cresceu apenas 2%. Note-se, no entanto, que a preferncia pela liquidez (medida pelo rcio Notas e Moedas em Poder do Pblico / Meios de Pagamento) diminuiu de 10,41% em 2006 para 8,39% em 2007. Em Dezembro de 2006, o agregado M1 era composto em 15% por Notas e moedas em poder do pblico e em 85% por Depsitos ordem. Em Dezembro de 2007, a proporo das Notas e moedas em poder do pblico baixou para 12% enquanto que o peso dos Depsitos ordem subiu para 88% revelando sinais de maior bancarizao da economia.

60

Enquadramento Macroeconmico Financeiro

Monetary and financial situation In 2007 the national economy saw an increase in means of payment in a context of strong economic growth and control of inflation. There was also an increase in the level of bank penetration, along with a decrease in dollarisation of the economy. Moreover economic agents displayed a less marked preference for liquidity. In 2007 the broad monetary aggregate (M3) expanded by 49%, due to a 15% increase in net foreign assets. Another contributing factor to M3 growth was a 104% increase in net national assets, which became positive in 2007 thanks to a 160% increase in net national credit. In December 2006, 58% of M3 was denominated in foreign currency, while by December 2007 that figure had shrunk to 49% This signals a fall in the level of dollarisation of the economy, a development prompted by price stability and the stronger kwanza.

As far as the composition of the M2 aggregate is concerned, in December 2006, 77% of its value corresponded to money (M1) and 23% to quasi-money (term deposits and bonds). In December 2007, the proportion of money (M1) had risen to 83% while that of quasi-money had fallen to 17%. During the period, the M1 aggregate expanded by 50% while quasi-money increased by only 2%. It should be noted however that the preference for liquidity (gauged by the ratio of notes and coins in the hands of the public to means of payment) fell from 10.41% in 2006 to 8.39% in 2007. In December 2006, notes and coins in the hands of the public made up 15% of the M1 aggregate, while demand deposits constituted the other 85%. As at December 2007, the proportion of notes and coins in the hands of the public had fallen to 12% while that of demand deposits had risen to 88%, indicating greater bank penetration of the economy.

61

Macroeconomic Financial Background

A Base monetria em Dezembro de 2007 apresentou um crescimento de 60% em relao a de Dezembro de 2006. Esta variao explicada essencialmente pelo crescimento de 121% dos Depsitos dos Bancos comerciais no Banco Central, facto que espelhou a mudana da regulamentao do BNA relativa s reservas obrigatrias. Panormica do Sistema Bancrio Angolano Durante o ano de 2007, o sistema bancrio angolano registou sinais de crescimento e modernizao. O crescimento relativo do crdito superou o dos depsitos, enquanto que a rentabilidade dos activos e dos capitais prprios permaneceu alta. O sistema bancrio conta actualmente com 17 bancos, tendo o ano de 2007 testemunhado a entrada de mais trs, entre eles, o Banco de Desenvolvimento Angolano (BDA). Note-se que o BDA recebe do estado angolano 5% dos impostos arrecadados do sector petrolfero e 2% dos impostos arrecadados da rea diamantfera para financiar os seus emprstimos que, se forem de montantes inferiores a USD 5 milhes, so canalizados para o pblico atravs dos bancos comerciais. Durante o ano, viu-se intensificar os nveis de concorrncia manifestando-se atravs do aumento da rede de distribuio, liderado pelos maiores bancos do mercado, e pelo lanamento de produtos de crdito e de poupana. O sistema bancrio deu alguns passos no sentido da sua modernizao. Os bancos do mercado deram incio emisso directa de cartes de crdito da rede VISA. Destaca-se o papel do BAI como pioneiro deste processo.
Enquadramento Macroeconmico Financeiro

62

As at December 2007 the monetary base had grown by 60% relative to December 2006. This variation may be ascribed essentially to the 121% increase in commercial banks' deposits with the central bank, reflecting the change in the BNA's rules on compulsory reserves. Overview of the Angolan Banking System In 2007 the Angolan banking system showed signs of growth and modernisation. The relative increase in lending outstripped growth in deposits, while return on assets and equity remained high. The banking system is currently made up of 17 banks; 2007 witnessed three new arrivals, including BDA - Banco de Desenvolvimento Angolano (Angolan Development Bank). BDA receives 5% from Government oil tax revenues and 2% from Government diamond tax revenues to finance its loans which, if for amounts lower than USD 5 million, are channelled to the general public through the commercial banks.

Levels of competition intensified over the course of the year, with expansion of the distribution network, led by the biggest banks in the market, and the launch of new credit and savings products. The banking system took a number of steps in the direction of modernisation. The banks in the market began issuing VISA credit cards directly, a process in which BAI played a pioneering role.

63

Macroeconomic Financial Background

Com referncia a 31 de Dezembro de 2007, os totais dos depsitos e do crdito do sistema eram de USD 14.7 bilies e USD 9.3 bilies. Sendo assim, registou-se uma taxa de transformao de 63%, superior de 43% registada em Dezembro de 2006. O stock total de crdito da banca comercial aumentou de forma acentuada taxa de 104% no perodo, com o crdito em moeda externa a representar 61%, e o crdito de mdio prazo 55%. O stock de depsitos da banca comercial cresceu 55%, tendo os depsitos ordem representado 58% do seu total. Os depsitos em moeda nacional corresponderam a apenas 43% do total enquanto que os depsitos em moeda estrangeira representaram 57%. Note-se que o BNA fez publicar um extenso pacote de regulamentao com vista a adequao da estrutura das instituies bancrias para melhor suportarem os riscos inerentes sua actividade. Com referncia a Setembro de 2007, o sistema mostrava estabilidade e solidez com os rcios de Solvabilidade e Endividamento situados entre os limites estipulados pela regulamentao em vigor. No final de Dezembro de 2007, a rentabilidade dos activos e dos fundos prprios do sistema registavam valores robustos. O ROAA do sistema situou-se na ordem dos 3.2%, superior aos 2,6% registados em 2006. Por seu turno, o ROEA passou de 34,9%15 em Dezembro de 2006 para 23% em Dezembro de 2007.

64
15

Enquadramento Macroeconmico Financeiro

Fonte: Banca em anlise, 2007, pela Deloitte e ABANC

With reference to 31 December 2007, figures for the system's total deposits and total credit were USD 14.7 billion and USD 9.3 billion. This corresponds to a transformation rate of 63%, up from the 43% recorded in December 2006. The total stock of commercial bank lending increased sharply, at a ratio of 104% over the period, with foreign currency credit representing 61%, and medium-term credit 55%. The commercial banking sector's stock of deposits rose by 55%, with demand deposits representing 58% of the total. National currency deposits made up just 43% of the total while foreign currency deposits represented 57%. It should be noted that the BNA published an extensive package of regulations designed to adjust the structure of banking institutions to make them better able to bear the risks inherent in their business. With reference to September 2007, the system displayed stability and soundness, with ratios of solvency and indebtedness within the limits stipulated by the prevailing regulations.

At the end of December 2007, figures for the system's return on assets and on equity were robust. The system's ROAA was in the order of 3.2%, up from the 2.6% recorded in 2006. For its part, ROAE fell from 34.9% in December 2006 to 23% in December 2007.

65
15

Source: Banca em Anlise, (Banking Analysis) 2007, by Deloitte and ABANC

Macroeconomic Financial Background

7. Principais reas de Negcio 7. Main Business Areas

A. Banca Corporativa
Em 2007, assim como nos anos anteriores, a actividade da Banca de Empresas e instituies teve um papel central na actividade do BAI. A grande importncia deste segmento reflectida principalmente pelo volume dos seus depsitos e do crdito concedido ao segmento. Com efeito, em 2007, os depsitos do segmento representaram 82% do total dos depsitos do Banco enquanto que o crdito concedido a este segmento representou 83% do total concedido pelo Banco. Durante o ano, o Banco continuou a desenvolver o conceito de prestao de servios bancrios personalizados para o segmento de empresas e instituies. Assim, o Banco criou a Direco de Empresas e Instituies (DEI), reforando as competncias operacionais e de negcios para de maneira diferenciada melhor servir o segmento; deu incio a aces de implementao de sistemas modernos de tecnologia de informao e deu continuidade aos esforos de expanso da rede para melhor servir o segmento. Note-se que dois dos seis balces abertos em 2007, nomeadamente os balces Avenida e Boa Vista, tm uma orientao forte para o segmento das empresas e instituies. No final de 2007, os recursos dos clientes do segmento empresas e instituies, avaliados em USD 2.695 milhes encontravam-se registados em Depsitos ordem (82.9%), a prazo (3.5%) e em Ttulos garantidos BAI (13.5%). Os Ttulos Garantidos BAI, so certificados nominativos de depsitos transaccionveis por endosso podendo ser subscritos, por compra, pelos clientes do Banco em Kwanzas, Dlares dos Estados Unidos e Euros. Durante o perodo em anlise, os depsitos do segmento empresas e instituies registaram um crescimento de 62% situando-se em USD 2.315 milhes. Esse crescimento foi no entanto, inferior ao crescimento de 71% dos depsitos totais do Banco. semelhana do ocorrido em 2006, em 2007 o sector privado empresarial continuou a
Principais reas de Negcio

68

A. Corporate Banking
In 2007, as in previous years, corporate and institutional banking played a central role within BAI's business. The considerable importance of this segment is reflected mainly in the volume both of its deposits and of lending to it. To be more specific, in 2007, the segment's deposits represented 82% of the bank's total deposits while credit granted to this segment represented 83% of all lending by the bank.

During the year the bank continued to develop the concept of provision of personalised banking services to the corporate and institutional sector. Thus the bank created a Corporate and Institutional Department (DEI), reinforcing its operational and business skills so as better to serve the segment in a differentiated manner; it initiated steps to implement modern information technology systems and continued efforts to expand the network so as better to serve the segment. It is worth noting that two of the six new branches opened in 2007, namely the Avenida and Boa Vista branches, are strongly oriented towards the corporate and institutional sector. At the end of 2007, customer resources in the corporate and institutional segment were worth USD 2,695 million. This total corresponded to demand deposits (82.9%), term deposits (3.5%) and BAI guaranteed securities (13.5%). BAI guaranteed securities are negotiable nominative deposit certificates. The bank's customers can subscribe to (i.e. purchase) them in kwanzas, US dollars and euros. Over the period in question, the corporate and institutional segment's deposits increased by 62%, to USD 2,315 million. That increase nevertheless fell short of the 71% increase in the bank's total deposits. As was the case in 2006, in 2007 the corporate private sector continued to be the sector with

69

Main Business Areas

ser o sector com maior volume de recursos depositados no Banco, detendo 51% dos depsitos. Note-se, no entanto, que a proporo dos depsitos, do sector privado empresarial, relativamente ao total dos depsitos, diminuiu 4 pontos percentuais entre 2006 e 2007.

Depsitos por Sector


4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0
2.825,59;100%

1.653;100% 468;28% 52;3% 910;55%

626;22% 241,22;9% 1.448,63;51%

Dez-06 PRIV. EMPR. PB. ADMINIST.

Dez-07 PB. EMPRES. total (valor)

Em 2007, tal como em 2006, a maior parte dos depsitos do segmento empresas e instituies estava registada em depsito ordem em moeda estrangeira, representando 78,2% do total, mais 2,3% do que em Dezembro de 2006. Houve, no entanto, um ligeiro aumento da quota dos depsitos em moeda nacional de 16% em 2006 para 19% em 2007. Durante o ano de 2007, o crdito por desembolso concedido ao segmento empresas e instituies aumentou 117%, passando de USD 315 milhes em 2006 para USD 684 milhes em 2007. O crdito concedido ao sector privado empresarial continuou a representar a maior proporo do crdito concedido pelo Banco, situando-se em 79% do total, superior cifra de 72% registada em 2006. Esse aumento reflecte a diminuio do peso do sector particulares relativamente ao total do crdito concedido.

Milhes de USD

Crdito Concedido/Sectores
900 800 700 600 500 400 300 200 100 0
824;100%

412;100% 654;79%

298;72% 13;3% 31;4%

Dez-06 Sec. Pb. Empresarial

Dez-07 Sec. Empresarial Priv. Crdito concedido

Em 2007 registou-se um aumento do peso do crdito concedido ao sector em moeda externa. Com efeito, 83% do crdito concedido s empresas e instituies em 2007 foi feito em moeda estrangeira, o que compara com 73% em 2006. Registou-se tambm um aumento do peso do crdito de mdio e longo prazo de 60% do total, em 2006, para 81%, em 2007.

Milhes de USD

Sec. Pb. Adminstrativo

70

Principais reas de Negcio

the greatest volume of resources deposited at the bank, representing 51% of deposits. It is worth noting however that, as a proportion of total deposits, corporate private sector deposits shrank by four percentage points between 2006 and 2007.

Deposits by sector
In 2007, as in 2006, the majority of the corporate and institutional segment's deposits took the form of foreign currency demand deposits: such deposits represented 78.2% of the total, 2.3% more than in December 2006. There was however a slight increase in the share of national currency deposits, from 16% in 2006 to 19% in 2007. In 2007, disbursement credit granted to the corporate and institutional segment increased by 117%, rising from USD 315 million in 2006 to USD 684 million in 2007. Credit granted to the corporate private sector continued to make up the majority of the bank's lending, accounting for 79% of the total. This figure was higher than the 72% recorded in 2006, an increase that reflects a relative decrease in the importance of the personal sector within overall lending.
4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0
2.825,59;100%

Million USD

1.653;100% 468;28% 52;3% 910;55%

626;22% 241,22;9% 1.448,63;51%

Dez-06 PRIV. CORP. PUB. ADMIN. PUB. CORP.

Dez-07 total (value)

Credit granted/sector
900 800 700 600 500 400 300 200 100 0
824;100%

2007 saw an increase in the proportion of foreign currency lending to the sector. Specifically, 83% of credit granted to companies and institutions in 2007 was denominated in foreign currency, compared with 73% in 2006. There was also an increase in the proportion of medium and long-term credit, from 60% of the total in 2006 to 81% in 2007.

Million USD

412;100% 654;79%

298;72% 13;3% 31;4%

Dez-06 Pub. Corporate Sector

Dez-07 Priv. Corporate Sector Credit granted

Pub. Administrative Sector

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Main Business Areas

B. Banca de Retalho: Particulares


No decorrer do ano de 2007, a actividade do Banco foi marcada por um aumento acentuado dos seus negcios, quer na vertente passiva quer na activa. A expanso do volume dos negcios reflecte principalmente, a crescente importncia dada pelo Banco a este importante segmento de clientes espelhada pelas mudanas ocorridas ao nvel da estrutura organizacional, pelo lanamento de novos produtos e, pelo crescimento da rede de canais de distribuio. Com a criao da Direco de Particulares e Negcios (DPN), o BAI reforou as suas competncias operacionais e de negcios para fazer face aos requisitos de uma carteira de clientes com um grau cada vez mais elevado de exigncia. No seio dessa nova direco foram criadas capacidades para garantir um maior acompanhamento actividade comercial, logstica, administrativa e de gesto dos recursos humanos dos balces. Durante o ano o Banco lanou os produtos Crdito Habitao, Cartes Visa, Crdito Salrio Mais e a Conta Jovem para ir cada vez mais de encontro s necessidades do mercado e fidelizar os seus clientes. Num esforo do Banco para fazer chegar os seus produtos e servios a um nmero cada vez maior de clientes, foram postos em funcionamento mais 6 balces, 5 em Luanda e 1 na Lunda-Norte. No final de 2007, os recursos dos clientes particulares, num montante de USD 567 milhes encontravam-se registados em Depsitos ordem (80.6%), a prazo (6.6%) e em Ttulos garantidos BAI (12.8%). Durante o ano em anlise, os depsitos do sector de particulares, apresentaram um crescimento bastante acentuado, na ordem dos 127% ou USD 276 milhes, atingindo a cifra de USD 494 milhes, o que compara com USD 218 milhes em Dezembro de 2006. Note-se tambm, que este crescimento foi superior ao crescimento do total dos depsitos do banco (71%), o que acentua a importncia do crescimento dos depsitos do segmento particulares relativamente ao crescimento dos depsitos dos
Principais reas de Negcio

72

B. Retail Banking: Personal Banking


Over the course of 2007, the bank saw a sharp increase in its business on both the deposit and the lending sides. This expansion of turnover mainly reflects the growing importance the bank attaches to this key customer segment, as evinced by the changes implemented at the level of its organisational structure, by the launch of new products and by its growing network of distribution channels. With the creation of the Personal and Small Businesses Department (DPN), BAI reinforced its operational and business skills so as to meet the requirements of a portfolio of increasingly demanding customers. Within this new department, capacity was created to ensure better supervision of the commercial, logistic, administrative and human resource management activity of the branches. To meet the market's needs more fully and increase customer loyalty, the bank launched a number of products over the course of the year: Crdito Habitao (home loan), Visa cards, Crdito Salrio Mais (Salary Plus Credit) and Conta Jovem (Young Person's Account). As part of its efforts to bring its products and services to an ever greater number of customers, six new branches were set up, five in Luanda and one in Lunda Norte. At the end of 2007, personal banking customers' resources were worth USD 567 million. This total took the form of demand deposits (80.6%), term deposits (6.6%) and BAI guaranteed securities (12.8%). During the year in question, personal banking sector deposits rose fairly steeply, in the order of 127%, or USD 276 million, to reach USD 494 million, which compares with USD 218 million in December 2006. It is also worth noting that that increase outstripped the overall increase in deposits with the bank (71%), highlighting the importance of growth in personal banking sector deposits relative to the growth in the deposits of other segments. The overall increase in the deposits

73

Main Business Areas

outros segmentos. O crescimento dos depsitos deste sector reflecte o aumento em 133% dos depsitos em moeda externa e em 108% dos depsitos em moeda nacional. No obstante o crescimento acentuado dos depsitos do segmento particular, o mesmo representa 17% do total dos depsitos no final do ano. No entanto, o peso dos depsitos do segmento relativamente ao total em 2007 substancialmente superior a que registava em 2006 (13%).

Depsitos por sector


3.000 2.500 Milhes de USD 2.000 1.500 1.000
494;17% 1.653;100% 2.826;100%

500 0

218;13%

Dez-06 PRIV. PARTICU (Valor) total (valor)

Dez-07

No que concerne aos depsitos, 92% do seu total encontrava-se registado em depsitos ordem. Destes, 76% eram constitudos por depsitos ordem em moeda externa, enquanto que os depsitos ordem em moeda nacional representavam 24%. Os Depsitos a prazo representam apenas 8% do total dos depsitos do sector, estando quase na sua totalidade (93%) registados em moeda externa. A estrutura dos depsitos do segmento manteve-se relativamente inalterada com a excepo de uma ligeira diminuio do peso dos depsitos ordem em moeda nacional relativamente ao total dos depsitos do sector (passando de 24% em 2006 para 22% em 2007) que foi compensada pelo aumento do peso dos depsitos ordem em moeda estrangeira (passando de 68.4% em 2006 para 70.5% em 2007).

Crdito concedido/sectores
800 700 600 500 400 300 200 100 0
824;100%

Milhes de USD

412;100%

96;23% 140;17%

Dez-06 CRED. INT. PARTICULARES (valor)

Dez-07 Crdito Concedido

Relativamente ao crdito concedido ao sector, nota-se que durante o ano de 2007 houve uma evoluo significativa. Com efeito, no final do ano de 2007 o crdito concedido fixou-se em USD 140 milhes, apresentando, deste modo, um crescimento de 45%, correspondendo a um aumento de USD 44 milhes. No entanto, o crescimento do crdito concedido ao sector de particulares foi inferior ao concedido ao sector de empresas e instituies.

74

Principais reas de Negcio

of this sector comprises a 133% increase in foreign currency deposits and a 108% increase in national currency deposits. Notwithstanding the sharp increase in personal deposits, this segment represented only 17% of total deposits at the end of 2007. This is nevertheless a substantially larger proportion of total deposits than was the case in 2006 (13%).

Deposits by sector
3.000
2.826;100%

As far as deposits are concerned, 92% of the total was recorded as demand deposits. Of these, 76% were foreign currency demand deposits, while national currency demand deposits accounted for 24%. Term deposits represented just 8% of the sector's total deposits, and were virtually all (93%) denominated in foreign currency. The structure of the segment's deposits remained relatively unchanged, with the exception of a slight decrease in the proportion of national currency demand deposits in relation to the sector's total deposits (retreating from 24% in 2006 to 22% in 2007), which was offset by the increase in the proportion of foreign currency demand deposits (which rose from 68.4% in 2006 to 70.5% in 2007). In terms of credit granted to the sector, it is worth noting that lending increased significantly in 2007. At the end of 2007 credit granted stood at USD 140 million, USD 44 million, or 45%, higher than a year earlier. Nevertheless, growth in credit granted to the personal banking sector fell short of the increase in lending to the corporate and institutional sector.

2.500 Million USD 2.000 1.500 1.000


494;17% 1.653;100%

500 0

218;13%

Dez-06 PRIV. PERSONAL (Value) total (value)

Dez-07

Credit granted/sector
800 700 600 500 400 300 200 100 0

824;100%

Million USD

412;100% 140;17% 96;23%

Dez-06 PERSONAL CREDIT (Value)

Dez-07 Credit Granted

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Main Business Areas

Em 2007, o crdito em moeda nacional registou um aumento significativo dando origem modificao da estrutura do crdito concedido aos particulares relativamente registada em 2006. O crdito de mdio e longo prazo em moeda nacional registou um aumento do seu peso, passando de 1% do crdito concedido em 2006 para 32% em 2007. Por seu turno, o peso do crdito de curto prazo em moeda nacional aumentou para 3% em 2007 ao passo que em 2006 representava menos de 1%.

C. Banca de Investimentos
A Banca de Investimentos a rea de negcio do Banco que financia projectos com caractersticas particulares e que normalmente requerem um capital inicial elevado. Em 2007, a Banca de Investimentos conheceu um crescimento no seu nvel de actividade comparativamente ao exerccio anterior. O ano ficou marcado pela participao do BAI na estruturao de operaes sindicadas de financiamento ao sector pblico administrativo e por uma maior actuao no sector imobilirio. Durante o perodo em anlise, a Banca de Investimentos esteve envolvida, entre outras, nas seguintes operaes: Sindicatos Bancrios O Banco co-liderou uma operao sindicada relativa colocao de Obrigaes do Tesouro (OT) pelo Estado Angolano num valor total de USD 400 milhes. A operao inseriu-se no mbito do Programa de Investimentos Pblicos (PIP) e visou o financiamento de rodovias e linhas de transmisso elctrica. O BAI participou como lder conjuntamente com o BFA (agente) e o BPC. Nessa operao em que os lderes financiaram 80% do montante global, o BAI participou com USD 80 Milhes. As OTs possuem prazos compreendidos entre os 7 e os 11 anos. O Banco subscreveu uma operao de financiamento sindicado internacional, envolvendo um montante global de USD 3 Bilies, tendo como beneficiria a Sonangol, tomando uma participao nesta operao de USD 50 milhes.

76

Principais reas de Negcio

In 2007, the level of lending in national currency rose significantly, modifying the structure of credit granted to individuals compared with 2006. The relative importance of medium and long-term national currency credit increased, from 1% of credit granted in 2006 to 32% in 2007. For its part, the proportion of short-term lending in national currency increased to 3% in 2007, after representing less than 1% in 2006.

C. Investment Banking
Investment banking is the business area of the bank that finances projects that have special characteristics, normally requiring a high initial capital outlay. In 2007 levels of investment banking activity rose compared with the previous year. Among the year's key developments were BAI's participation in structuring syndicated loans operations to the Government of Angola and a more active presence in the real estate sector. During the period in question, the bank's investment banking arm was involved in the following operations, among others:

Banking Syndicates The bank co-led a syndicated operation for the placement of Treasury Bonds (Portuguese abbreviation - OTs) by the Angolan State in a total amount of USD 400 million. The operation was carried out in the context of the Public Investment Programme (PIP) to fund roads and electricity transmission lines. BAI took part as joint leader with BFA (agent) and BPC. BAI's participation in this operation, in which the leaders financed 80% of the global amount, was USD 80 Million. The OTs have maturities ranging from 7 to 11 years. The bank subscribed to an international syndicated financing operation involving a total amount of USD 3 billion, the beneficiary of which was Sonangol. BAI's participation in this operation was USD 50 million.
Main Business Areas

77

O BAI participou ainda no sindicato bancrio, liderado pelo BPC, para o financiamento da fase II do Projecto Nova Vida tomando 11,8% do seu valor global, ou seja USD 18 milhes. O Nova Vida um projecto do Estado angolano, concebido para minimizar o problema de escassez de habitaes na cidade de Luanda atravs da venda de residncias aos funcionrios pblicos e ao pblico em geral. O BAI tambm participou com USD 5 milhes no sindicato bancrio liderado pelo BESA para financiamento construo de infra-estruturas em Cabinda. Este financiamento tem um valor de investimento total de USD 250 milhes e uma maturidade de 12 anos. O Banco co-liderou um sindicato com o BESA para um financiamento dirigido ao processo de Reconstruo Nacional no valor de USD 3.5 bilies a serem disponibilizados em trs prestaes at 2009. Ambos os lderes assumiro 80% do valor total do financiamento. Coube ao BAI, na primeira prestao (USD 1 bilio), financiar USD 398 milhes. As maturidades associadas a este sindicato variam entre 5 e 12 anos. Operaes de Financiamento Directo Durante o ano de 2007, foram estruturados produtos financeiros com as caractersticas de emprstimo de mdio e longo prazo, normalmente destinados a projectos de criao, expanso, modernizao e desenvolvimento da actividade das empresas em vrios sectores empresariais. Assim sendo, foram avaliados e materializados financiamentos a projectos em vrios sectores da economia tais como o petrolfero, o da construo civil e industrial. Beneficiaram igualmente de financiamentos a mdio e longo prazo os sectores da sade e servios.

78

Principais reas de Negcio

BAI also took part in the banking syndicate, led by BPC, to fund phase II of the Nova Vida (New Life) Project, taking 11.8% of its overall value, i.e. USD 18 million.

Nova Vida is a project of the Angolan State, designed to mitigate the housing shortage in Luanda city by selling homes to government employees and the general public.

BAI also took a USD 5 million participation in the banking syndicate led by BESA to finance the construction of infrastructure in Cabinda. This loan has a total investment value of USD 250 million and a maturity of 12 years. The bank co-led with BESA a syndicated loan to finance the process of national reconstruction. With a value of USD 3.5 billion, it will be made available in three tranches by 2009. The two leaders will together assume responsibility for 80% of the total value of the loan. It falls to BAI to finance USD 398 million of the first tranche (USD 1 billion). The maturities associated with this syndicate range from 5 to 12 years. Direct Finance Operations Financial products with the intent of helping companies create, expand, modernise and develop businesses projects in various sectors. More specifically, loans were (assessed and) made available for projects in various sectors. Thus loans were assessed and made available for projects in various sectors of the economy, including the oil, civil construction and industrial sectors. The health and service sectors also benefited from medium-and long-term loans.

79

Main Business Areas

Project Finance A alta do sector da Construo Civil e Imobilirio, associada s taxas de retorno acima da mdia que o mesmo proporciona, levaram a que esta modalidade de financiamento merecesse destaque. Assim sendo, o Banco trabalhou na estruturao de operaes de financiamento de projectos imobilirios com caractersticas tpicas de Project Finance que rondaram os USD 100 milhes.

80

Principais reas de Negcio

Project Finance The boom in the civil construction and real estate sector, combined with the higher-than-average rates of return associated with it, led to particular emphasis on this type of lending. Thus the bank structured financial operations for real estate projects with project finance-type characteristics, valued at approximately USD 100 million.

81

Main Business Areas

8. Banca Electrnica 8. Electronic Banking

Para fazer face aos desafios organizacionais e tendo em vista um desempenho cada vez mais competitivo nessa importante rea do negcio, o Banco efectuou mudanas na sua estrutura orgnica. No terceiro trimestre de 2007, foi criada a Direco de Banca Electrnica com a misso de assegurar a coordenao, implementao e acompanhamento do lanamento de novos produtos, canais e servios electrnicos, assim como a gesto do negcio de cartes de dbito e crdito. Criou-se igualmente uma unidade de aceitao (acquiring) separando funes anteriormente desempenhadas pelo departamento de cartes, e uma equipa especializada de vendas que se ocupa da comercializao de Terminais de Pagamento Automtico (TPAs) das redes EMIS e VISA e Caixas Automticas (ATMs).

A. BAI Directo (Internet Banking)


O BAI Directo o canal electrnico que o BAI disponibiliza aos seus clientes com o objectivo de tornar a sua actividade bancria mais confortvel e ao mesmo tempo autnoma. Nele, os clientes tm a possibilidade de efectuar algumas operaes e obter informaes diversas sobre a sua conta. O primeiro semestre de 2007 foi caracterizado pela consolidao deste importante canal de negcio atravs da modernizao das infra-estruturas tecnolgicas de suporte actividade. Com efeito, durante o ms de Maro de 2007 foi realizada uma migrao de sistemas informticos permitindo aos clientes do BAI Directo o acesso a novas funcionalidades que elevam a qualidade dos servios prestados. Durante o ano de 2007, o Internet Banking registou um aumento de 43% na sua base de clientes. Porm, o volume de negcios diminuiu em 18% comparado ao exerccio transacto devido a migrao de sistemas acima mencionada.

84

Banca Electrnica

To rise to the organisational challenges it faces and with a view to performing ever more competitively in this important business area, the bank introduced changes to its internal structure, with the creation of an Electronic Banking Department in the third quarter of 2007. Its mission is to coordinate, implement and supervise the launch of new electronic products, channels and services, and to manage the debit and credit card business. The bank also created an acquiring unit, separating functions previously performed by the cards department, and a specialist sales team that takes care of marketing EMIS and VISA network automatic payment terminals (APTs) and cash machines (ATMs).

A. BAI Direct (Internet Banking)


BAI Direct is the electronic channel that BAI makes available to its customers with the aim of making their dealings with the bank more convenient and at the same time autonomous. Through it, customers have to option to carry out certain operations and to obtain different kinds of information about their account. The first half of 2007 was a period of consolidation of this key business channel through modernisation of the technological infrastructure supporting the business. A migration of computer systems was carried out in March 2007, giving BAI Direct customers access to new functionalities that raise the quality of the services provided. The internet banking customer base grew by 43% in 2007. Turnover declined by 18% however, compared with the previous year, as a consequence of the system migration already mentioned.

85

Electronic Banking

B. Cartes de Pagamento
Durante o ano de 2007, o Banco deu continuidade ao seu esforo no sentido de fazer crescer o negcio de Cartes de Pagamento tendo obtido resultados encorajadores. Com o lanamento dos primeiros cartes da rede VISA emitidos em Angola, o Banco viu tambm a sua posio consolidar-se entre os lderes da inovao na banca angolana. Na senda da implementao do seu programa de expanso da rede, o Banco continuou a instalar ATMs no s nas suas agncias, mas tambm em locais estratgicos, notabilizando-se, nomeadamente, o Aeroporto 4 de Fevereiro (partidas e chegadas). assim que durante o ano em anlise, registou-se um crescimento significativo na rede de ATMs, tendo aumentado o nmero dos matriculados em 68% e dos activos em 38%, comparativamente a 2006. Um nvel de crescimento superior teve lugar na disponibilizao de terminais de pagamento, verificando-se um aumento de 754% nos matriculados e de 538% nos activos, comparado a 2006.

86

Banca Electrnica

B. Payment Cards
In 2007 the bank continued with its efforts to grow the payment cards business and achieved encouraging results. With the launch of the first VISA network cards to be issued in Angola, the bank also consolidated its position among the leaders of innovation in the Angolan banking system. As part of its network expansion programme, the bank continued to install ATMs not only in its branches, but also at strategic sites, including 4 de Fevereiro Airport (departures and arrivals). Thus the year in question saw significant growth in the ATM fleet, with the number of registered units increasing by 68% and that of active units by 38%, in comparison with 2006. Provision of payment terminals accelerated at an even faster rate, with a 754% increase in registered units and a 538% increase in active units, compared with 2006.

87

Electronic Banking

9. BAI Europa 9. BAI Europa

O Banco BAI Europa, S.A., detido pelo BAI, SA, tem sede em Lisboa e foi constitudo em 26 de Agosto de 2002. O posicionamento desta filial numa capital europeia obedece estratgia de captao de fundos e fluxos financeiros para o processo de desenvolvimento econmico em Angola. O BAI Europa, em Portugal, uma porta aberta para todos os empresrios angolanos interessados em investir no mercado portugus e vice-versa. Nesta perspectiva, o Banco tem disposio dos seus clientes produtos e servios nas reas da banca de investimento e comercial. Banca de Investimentos (BI) Durante o ano findo, a rea da Banca de Investimentos intensificou a sua actividade tendo estruturado e concludo operaes para clientes em Portugal. A rea participou tambm na distribuio para subscritores em Portugal da emisso de Obrigaes do Tesouro emitidas pela Repblica de Angola e dirigida pelo Ministrio das Finanas e, pela primeira vez, organizou e garantiu a subscrio de emisses de papel comercial por sociedades residentes em Portugal. A actividade desta rea abrangeu, ainda, a anlise de participaes em financiamentos estruturados por outros bancos e de produtos alternativos para investimento dos recursos do Banco, de acordo com a poltica definida e implementada pela Administrao. A Banca de Investimento aumentou a sua carteira de crdito em operaes de financiamento estruturadas no tituladas em cerca de 38%. Banca Comercial (BC) A rea de Banca Comercial tem como misso a prestao de servios de elevada qualidade ao sector empresarial, ao abrigo de uma estratgia de negcio claramente definida. O prosseguimento desta estratgia proporcionou um aumento da sua carteira de negcios.

90

BAI Europa

BAI Europa, S.A., which is owned by BAI, SA, is a bank founded on 26 August 2002 that has its headquarters in Lisbon. This subsidiary's positioning in a European capital coincides with the strategy of capturing funds and financial flows for the process of economic development in Angola. BAI Europa, in Portugal, is an open door for all Angolan entrepreneurs interested in investing in the Portuguese market, and vice versa. Starting from this perspective, the bank offers its customers products and services in the areas of investment and commercial banking. Investment Banking The investment banking arm stepped up its activity during the year ended, having structured and seen through operations for customers in Portugal. The unit also took part in distributing to subscribers in Portugal the Treasury Bond issue issued by the Republic of Angola and directed by the Ministry of Finance and, for the first time, organised and underwrote the subscription of issues of commercial paper by companies resident in Portugal. Activity in this domain also included analysing participations in loans structured by other banks and alternative products for investment of the bank's resources, in accordance with the policy defined and implemented by the Board of Directors. The investment banking arm increased its portfolio of credit in non-securitised structured financing operations by approximately 38%. Commercial Banking The mission of the commercial banking arm is to provide high quality services to the corporate sector within the framework of a clearly defined business strategy. Pursuing this strategy resulted in an increase in the business portfolio.

91

BAI Europa

O Banco incrementou a sua actividade creditcia, positivamente influenciada pelo crescente surgimento de oportunidades no mercado angolano, que tm incentivado muitas empresas portuguesas a iniciar ou a fortalecer relaes comerciais e econmicas com Angola. Perspectiva-se, assim, a continuao do aumento de actividade nesta rea. Com base nisto, deu-se a transferncia do balco da Av. da Repblica para o edifcio da Sede (Av Antnio Augusto de Aguiar n. 130, 6/8. 1050-020 Lisboa-Portugal), onde foi criado um Centro para atendimento especializado a empresas. Dado que o segmento-alvo do BAI Europa o cliente corporativo, os produtos mais comercializados foram: Financiamentos de mdio longo prazo destinados ao investimento; Financiamentos de curto prazo de apoio tesouraria atravs de linhas de conta corrente caucionada ou de descoberto; Descontos de cartas de crdito e; Crdito por assinatura atravs de crditos documentrios e garantias bancrias.

Resultados 2007 O Activo Lquido do BAI Europa aumentou de USD 542 milhes em 2006 para USD 596 milhes em 2007, um aumento de 1%. Este aumento principalmente influenciado pelo crescimento nos Depsitos de Outras Instituies de Crdito, de USD 411 milhes em 2006 para USD 442 milhes em 2007. O Crdito sobre clientes registou um aumento de USD 21 milhes, terminando com um total de USD 52 milhes, sobretudo como consequncia das aces comerciais que o Banco tem vindo a desenvolver, no obstante ter mantido uma poltica de crdito muito conservadora.

92

BAI Europa

Positively influenced by the growing number of opportunities emerging in the Angolan market, which has encouraged many Portuguese companies to create or boost commercial ties with Angola, the bank increased its lending activity. It is anticipated that business in this area will continue to grow. On this basis, the branch on Av. da Repblica was transferred to the headquarters building (Av. Antnio Augusto de Aguiar no. 130, 6/8. 1050-020 Lisboa-Portugal), where a specialist centre was created to serve companies. Given that BAI Europa's target segment is the corporate customer, the most popular products were: Medium/long-term loans for investment; Short-term treasury support finance by way of guaranteed current account lines or overdraft facilities; Credit card discounts and; Documentary credits and bank guarantees.

2007 Results BAI Europa's net assets rose from USD 542 million in 2006 to USD 596 million in 2007, an increase of 1%. This increase was mainly attributable to the increase in deposits of other credit institutions, from USD 411 million in 2006 to USD 442 million in 2007. Loans and advances to customers increased by USD 21 million, to end the year at a total of USD 52 million, above all as a consequence of the commercial operations that the bank has been undertaking, albeit in the context of a highly conservative credit policy.

93

BAI Europa

O BAIE registou assim um saldo positivo de USD 2.5 milhes na conta de Resultados do Exerccio, bastante superior ao apurado em 2006 que foi de USD 307 mil. Para este aumento, contribui um outro na Margem Financeira para USD 3.1 milhes em 2007 (+62%). A Margem Complementar seguiu a mesma tendncia terminando o ano 2007 com USD 1.9 milhes (+89%). O aumento na Margem Financeira e Complementar levou ao crescimento do Produto Bancrio para USD 5.1 milhes em 2007 (+71%).

94

BAI Europa

Thus BAIE recorded a USD 2.5 million net income, substantially higher than the USD 307,000 reported in 2006. Factors that contributed to higher profits included an increase in financial margin to USD 3.1 million in 2007 (+62%). Supplementary margin followed the same trend, ending 2007 at USD 1.9 million (+89%). The increase in financial and supplementary margin made for growth in banking product of USD 5.1 million in 2007 (+71%).

95

BAI Europa

10. NovoBanco 10. NovoBanco

No dia 6 de Dezembro de 2007, o BAI formalizou a aquisio de 85.72% do capital social do NovoBanco. Aps a referida aquisio, a estrutura accionista do NovoBanco composta por dois investidores, nomeadamente o BAI, SA e a Chevron Sustainable Development. O NovoBanco opera em Angola desde o ano 2004 e est orientado para o negcio da microfinana. Tem como segmento-alvo pequenos empresrios e cidados de baixa renda, oferecendo produtos de crdito e promovendo uma cultura de poupana e relacionamentos a longo prazo com os seus clientes, que eram 25.378 a 31 de Dezembro de 2007. Ao adquirir o NovoBanco, o BAI tem como objectivo principal cumprir com o seu alto nvel de responsabilidade social uma vez que ir contribuir para a melhoria da qualidade de vida de comunidades menos favorecidas e na integrao social de um nmero substancial de cidados. O BAI conta beneficiar da rentabilizao de um banco re-capitalizado para obter uma escala adequada dimenso nacional. A presena do NovoBanco em todo o territrio angolano importante no mbito do processo de reconstruo nacional e do desenvolvimento econmico. Durante o ano de 2008, o NovoBanco usufruir de um aumento de capital que, entre outros, vai possibilitar a expanso da sua rede de agncias e concomitantemente de produtos e servios a um maior nmero de cidados. Actualmente, o NovoBanco possui trs balces, sendo dois deles na cidade de Luanda e o terceiro na cidade de Benguela. Adicionalmente, representante da Western Union, uma organizao especializada na transferncia de valores que conta actualmente com mais de 320.000 agncias no mundo inteiro16. No decorrer do ano 2007, o Banco fez jus ao seu objecto social ao disponibilizar produtos de crdito que variaram entre os USD 100 e USD 3 mil para particulares e entre

98
16

NovoBanco

Fonte: http://corporate.westernunion.com/about.html

On 6 December 2007, BAI formalised its acquisition of 85.72% of the share capital of NovoBanco. Following that acquisition, the shareholder structure of NovoBanco is made up of two investors, namely BAI, SA and Chevron Sustainable Development. NovoBanco has operated in Angola since 2004 and is oriented towards the microfinance business. Its target segment consists of small businessmen and citizens on low incomes; it offers credit products and promotes a culture of saving and long-term relationships with its customers, who numbered 25,378 as at 31 December 2007. With this acquisition, BAI's main objective is to meet its social responsibilities, since NovoBanco it will help improve the lives of less favoured communities and contribute to the social integration of a substantial number of citizens. BAI is counting on returning the recapitalised bank to profitability in order to achieve scale at the national level. The presence of NovoBanco throughout Angolan territory is important in the context of the process of national reconstruction and economic development. In 2008 NovoBanco will benefit from a capital increase which, among other things, will make it possible to expand its branch network and so make its products and services available to a larger number of citizens. At present NovoBanco has three branches, two in the city of Luanda and a third in the city of Benguela. In addition it is a representative of Western Union, an organisation specialising in money transfers that currently has more than 320,000 offices around the world16 . Over the course of 2007, the bank pursued its corporate mission by making available credit products ranging in scale between USD 100 and USD 3,000 for

99
16

Source: http://corporate.westernunion.com/about.html

Novo Banco

os USD 3 mil e USD 100 mil para as pequenas e mdias empresas. O NovoBanco comercializou igualmente produtos de poupanas em kwanzas e USD, orientados aos vrios segmentos etrios. Por exemplo, para o segmento infantil, foi comercializada a conta poupana meu porquinho. Resultados 2007 O Activo Lquido do Banco cresceu para um montante de USD 17 milhes, um aumento de 19% comparativamente a 2006. Na base deste aumento, estiveram os Depsitos que terminaram o ano em USD 9.8 milhes (+33%). Reala-se igualmente o aumento no crdito sobre clientes em 26%, terminando o ano com USD 9.3 milhes. A Margem Financeira cresceu em 30% para um montante de USD 3.2 milhes e a Margem Complementar aumentou 2% para USD 530 mil. Estes aumentos reflectiram-se no crescimento do Produto Bancrio em 26% para um montante de USD 3.8 milhes. Apesar do aumento na Margem Financeira e no Produto Bancrio, o NovoBanco registou um saldo negativo nos seus Resultados Lquidos, de USD 797 mil. O elevado nvel dos Custos Operacionais17 do banco (USD 3.7 milhes em 2007) representaram 99% do Produto Bancrio e estiveram na base dos resultados negativos.

100
17

NovoBanco

Custos Operacionais = Custos com Pessoal + Gastos Administrativos

individuals and between USD 3,000 and USD 100,000 for small and medium-sized enterprises. NovoBanco also marketed savings products denominated in kwanzas and USD, aimed at the various age brackets. For example a conta poupana meu porquinho ("my little piggy bank savings account") was marketed for children. 2007 Results The bank's net assets increased to USD 17 million, up 19% on 2006. This increase was based on growth of deposits, which were worth USD 9.8 million (+33%) at the end of the year. It is also worth highlighting the increase in loans and advances to customers, which rose by 26% to reach USD 9.3 million at the year's end. Financial margin increased by 30% to USD 3.2 million and supplementary margin was up 2% to USD 530,000. These increases were reflected in 26% growth in banking product, to USD 3.8 million. Despite the increase in financial margin and banking product, NovoBanco had a negative net result of USD 797,000. This loss was due largely to the bank's high operating costs17 (USD 3.7 million in 2007), which absorbed 99% of the banking product.

101
17

Operating Costs = Staff Costs + Administrative Costs

Novo Banco

11. Seguros 11. Insurance

semelhana do sector bancrio, o dos seguros apresenta um forte potencial de crescimento fomentado principalmente por trs factores: o crescimento da economia angolana, a abertura do mercado a investidores privados e o desenvolvimento de um ambiente legislativo que promover a obrigatoriedade de algumas modalidades de seguros. A entrada de vrios players neste mercado indicativa do seu estado de desenvolvimento. O BAI est presente no mercado de seguros em Angola, detendo participaes financeiras em trs companhias, nomeadamente, a NOSSA Seguros, SA, a AAA Penses, SA e a AAA Seguros, SA. A NOSSA SEGUROS uma empresa de seguros que actua no ramo vida e no vida (automvel, equipamentos, acidentes de trabalho, etc.). O BAI detm uma participao de 16.67% no capital social da NOSSA Seguros. O BAI tem ainda participaes minoritrias de 5% tanto no capital social das AAA Penses como no das AAA Seguros. A primeira oferece servios de desenvolvimento e gesto de planos actuariais bem como de planos de penses abertos e fechados. A segunda opera no mercado dos seguros, provendo servios e produtos no ramo vida e no vida.

104

Seguros

Like the banking sector, the insurance sector has strong potential for growth stimulated mainly by three factors: growth in the Angolan economy, the opening of the market to private investors and the development of a legislative environment that will make certain types of insurance compulsory. The entry of various players into this market is indicative of its state of development.

BAI is present in the insurance market in Angola via its financial participations in three companies, namely NOSSA Seguros, SA, AAA Penses, SA and AAA Seguros, SA. NOSSA SEGUROS is an insurance company operating in life assurance and non-life insurance (motor, equipment, worker compensation, etc.). BAI has a 16.67% stake in the share capital of NOSSA Seguros. BAI also has minority shareholdings of 5% in the share capital of AAA Penses and AAA Seguros. The former offers actuarial plan development and management services as well as open and closed pension plans. The latter operates in the insurance market, providing life and non-life products and services.

105

Insurance

12. Gesto de Risco 12. Risk Management

O Conselho de Administrao reconhece que a gesto de riscos do Banco essencial para o seu sucesso e, por isso, continuar a desenvolver esforos no sentido de assegurar a melhoria da identificao, compreenso e gesto dos riscos inerentes sua actividade. O objectivo do Banco o de assegurar, apenas, nveis de risco adequados sua dimenso e estrutura, bem como s exigncias e aos requisitos legais da sua actividade. Desta forma, procura o Conselho de Administrao que o Banco possa gerar, de forma sustentada, uma rentabilidade proporcional ao risco assumido.

A. Risco de Crdito
A gesto do risco de crdito ocupa hoje uma posio de destaque no Banco Africano de Investimentos como consequncia do aumento da sua carteira de crdito. Em Setembro de 2007 o Banco Nacional de Angola exarou o novo regulamento para a classificao dos crditos concedidos pelas instituies financeiras autorizadas a funcionar pelo BNA (Aviso N09/07), estabelecendo regras uniformes relativamente ao risco de crdito. Tendo em ateno o nvel de importncia que esta matria merece, o BAI criou uma unidade especificamente orientada monitorizao e gesto do risco da carteira de crdito. Com efeito, o Banco desenvolveu modelos de anlise de risco de crdito adequados realidade do mercado, resultando na melhoria significativa da qualidade da carteira de crdito. O objectivo principal da criao desta unidade de limitar a exposio da referida carteira a um risco calculado de acordo com uma notao previamente atribuda e resultante da aplicao dos modelos, tendo como metas: Assegurar a rentabilidade econmica do Banco Busca incessante das melhores prticas Aumento da relao de confiana dos stakeholders

108

Gesto de Risco

The Board of Directors recognises that managing the bank's risks is essential to its success, and will therefore continue to work to ensure better identification, understanding and management of the risks inherent in its business. The bank's objective is to ensure levels of risk just appropriate to its size and structure, and to the demands and legal requirements of its business. In this way, the Board of Directors aims for the bank to be able to achieve, in a sustainable manner, profitability proportional to the risk assumed.

A. Credit Risk
Management of credit risk now occupies a prominent position at Banco Africano de Investimentos as a consequence of the increase in its credit portfolio. In September 2007 the National Bank of Angola published the new regulations for the classification of credits granted by financial institutions authorised to operate by the BNA (Notification No. 09/07), establishing uniform rules on credit risk. Bearing in mind the importance of this matter, BAI has created a unit with a vocation specifically to monitor and manage the risk on its credit portfolio. The bank has developed credit risk analysis models appropriate to the realities of the market, resulting in a significant improvement in the quality of its credit portfolio. The main objective in creating this unit is to limit the exposure of the portfolio to a risk calculated in accordance with a previously assigned score derived by applying the models, with aim of: Safeguarding the economic profitability of the bank Permanently striving for best practice Increasing stakeholder confidence.

109

Risk Management

Neste contexto, o Banco monitora de forma contnua, entre outros indicadores, os seguintes rcios: (i) Crdito e juros vencidos/Crdito sobre clientes

(ii) Provises para os riscos especficos/Crdito sobre clientes. Conforme ilustrado em baixo, a exposio do Banco ao risco de crdito diminuiu, como espelha a diminuio dos rcios mencionados em (i) e (ii) acima. O crdito e juros vencidos diminuram de 7% em 2006 para 3% em 2007, ao passo que as provises para risco especficos de crdito diminuram de 4% em 2006 para 2% em 2007. No entanto, no ano de 2007 registou-se um aumento de 179% das provises para riscos gerais de crdito devido ao aumento substancial do crdito total (por desembolso e por assinatura).

Crditos s/clientes
120% 100% 80% 60% 40% 20% 0% -20%
7% -4% 3% -2% 98% 100% 99% 100%

B. Risco Operacional
Dez-06
Crdito interno Provises para risco especfico de crdito

Dez-07
Crdito e juros vencidos Crdito s/clientes

O risco operacional o risco do mau funcionamento de sistemas de informao, sistemas de reporte, regras internas de monitorizao de risco e procedimentos internos desenhados para a tomada de aces correctivas atempadas, ou de conformidade com as polticas internas de risco. O risco operacional inclui tambm o risco legal, isto , o risco de perdas resultantes de processos legais. Com efeito, o risco operacional aparece como resultado da falha de pessoas, processos, tcnicas e sistemas de informao. O BAI, no exerccio de gesto do risco operacional, tem estado a trabalhar na elaborao de procedimentos mais eficazes de identificao, monitorizao e controlo do mesmo, com o objectivo de mitigar um eventual impacto na sua actividade.

110

Gesto de Risco

In this context, the bank permanently monitors, among other indicators, the following ratios: (i) Overdue credit and interest / Loans and advances to customers

(ii) Provisions for specific risks / Loans and advances to customers. As illustrated below, the bank's exposure to credit risk has decreased, as reflected in the decrease in the ratios mentioned in (i) and (ii) above. Overdue credit and interest fell from 7% in 2006 to 3% in 2007, while at the same time provisions for specific credit risks shrank from 4% in 2006 to 2% in 2007. However 2007 saw a 179% rise in provisions for general credit risks as a consequence of the substantial increase in total credit (disbursement credit plus credit in the form of letters of credit and bank guarantees).

Loans and Advances to Customers


120% 100% 80%
98% 100% 99% 100%

B. Operational Risk
Operational risk is the risk of failure of information systems, reporting systems, internal risk monitoring rules and internal procedures designed so that corrective action may be taken in a timely manner, or in conformity with internal risk policies. Operational risk also includes legal risk, i.e. the risk of losses as a result of law suits. Operational risk arises as a result of the failure of persons, processes, techniques and information systems.

60% 40% 20% 0% -20%


7% -4% 3% -2%

Dez-06
National credit Provisions for specific credit risks

Dez-07
Overdue credit and interest Loans and Advances to Customers

BAI, in managing operational risk, has been working on developing more effective procedures for identifying, monitoring and controlling such risk, with the objective of mitigating any potential impact on its business.

111

Risk Management

C. Risco de Adequao de Capital


Em Dezembro de 2007, o rcio de solvabilidade calculado de acordo com o Aviso 05/07 BNA situou-se em 11,87%, acima do limite mnimo estabelecido pelo BNA de 10%. Em Dezembro de 2006 o rcio de solvabilidade situou-se em 12.28%. A partir do dia 12 de Novembro de 2007, o rcio de solvabilidade passou a ser calculado segundo o Aviso 05/07 de 12 de Setembro do BNA que testa os fundos prprios regulamentares no s em relao ao risco de crdito, como tambm em relao ao risco de exposio cambial.

D. Outros Riscos
Risco de Taxa de Juro O risco de taxa de juro equivale ao impacto na margem financeira de alteraes nas taxas de juro, que se d quando existem mismatches nos prazos dos activos e passivos. O Banco efectua medies peridicas dos mismatches das maturidades, agrupando os activos e passivos sensveis, por intervalo de tempo, apurando os seus Cash flows e os correspondentes gaps de risco de taxa de juro, de forma a monitorizar e gerir a possvel exposio do Banco a situaes de risco. Risco de Mercado O risco de mercado o risco resultante da negociao e investimento em ttulos, aces, commodities e derivados. O Banco possui uma carteira de ttulos que corresponde a 16% do seu activo lquido. Esses ttulos so, no entanto, de risco bastante reduzido pois tratam-se, na sua maioria, de Ttulos do Banco Central (TBCs) e de Obrigaes do Tesouro emitidas pelo Estado Angolano.

112

Gesto de Risco

C. Capital Adequacy Risk


As at December 2007, the solvency ratio calculated in accordance with BNA Notification 05/07 stood at 11.87%, higher than the minimum threshold of 10% stipulated by the BNA. In December 2006 the solvency ratio had been 12.28%. From 12 November 2007, the solvency ratio was calculated in accordance with the central bank's Notification 05/07 of 12 September, which tests regulatory equity not only in relation to credit risk but also in relation to exchange rate risk.

D. Other Risks
Interest Rate Risk Interest rate risk is equivalent to the impact on financial margin of changes in interest rates which occurs when there are mismatches between the maturities of assets and liabilities. The bank performs periodical measurements of mismatches between maturities, grouping sensitive assets and liabilities by time interval, calculating their associated cash flows and the corresponding interest rate risk gaps, so as to monitor and manage any exposure of the bank to risky situations. Market Risk Market risk is the risk resulting from trading and investing in securities, shares, commodities and derivatives. The bank has a securities portfolio that corresponds to 16% of its net assets. Those securities are however fairly low-risk since, for the most part, they are central bank securities (Portuguese abbreviation - TBCs) and treasury bonds issued by the Angolan State.

113

Risk Management

Risco Cambial O Banco actua principalmente com activos/passivos em USD e EUR. A poltica adoptada vai no sentido de no manter posies cambiais abertas de montantes significativos e, consequentemente, posies resultantes de operaes em USD so cobertas com os instrumentos adequados e de acordo com os limites definidos. A monitorizao deste risco feita numa base diria atravs da anlise da posio cambial global, bem como da anlise peridica do comportamento da posio em aberto face ao comportamento da divisa. Risco de Liquidez O risco de liquidez consiste no risco de o Banco no dispor de fundos suficientes para dar satisfao s suas responsabilidades, especialmente a curto prazo. O Banco, no obstante ter vindo a assumir uma postura activa na gesto dos seus activos, vem mantendo no curto prazo uma posio lquida dentro dos limites prudencialmente necessrios satisfao de eventuais necessidades de tesouraria em momentos de stress.

114

Gesto de Risco

Exchange Rate Risk The bank works mainly with assets/liabilities denominated in USD and EUR. The policy adopted is one of not holding open foreign exchange positions involving significant sums and, consequently, positions resulting from operations in USD are covered with appropriate instruments and in accordance with the limits defined. This risk is monitored on a daily basis by way of an analysis of the overall foreign exchange position, along with periodical analysis of the open position versus the behaviour of the currency. Liquidity Risk Liquidity risk consists of the risk of the bank not having sufficient funds available to meet its liabilities, particularly its short-term liabilities. The bank, notwithstanding the fact that it has been adopting an active approach to management of its assets, maintains a net short-term position within the limits prudentially necessary in order to satisfy potential treasury requirements at times of stress.

115

Risk Management

13. Gesto de Custos 13. Cost Management

A. Recursos Humanos
No perodo findo em 31 de Dezembro de 2007, o Banco deu continuidade aos seus esforos de implementao de um sistema integrado de gesto de recursos humanos, enfatizando aspectos como a reviso das competncias e aptides individuais; a introduo de regras de avaliao de desempenho e o desenvolvimento de uma cultura empresarial de aprendizagem contnua. O perodo em anlise registou tambm um aumento acentuado da fora de trabalho. Em 2007, o BAI concluiu pela primeira vez um processo de avaliao do desempenho que envolveu colaboradores de todo o pas. Deste processo, que teve incio em finais de 2006, resultou a atribuio de bonificaes baseadas no mrito a um total de 531 colaboradores.

Custos com pessoal


25 Milhes de USD 20 15 10 5 0
1 1 19 1 3 22 1 3

No final de 2007, as despesas com pessoal totalizaram USD 22 milhes, um aumento de 16% relativamente ao exerccio anterior, que registou USD 19 milhes. O crescimento dos custos esteve essencialmente relacionado com o aumento de 15% do nmero de efectivos que passou de 671 em Dezembro de 2006 para 771 em Dezembro de 2007. Em Dezembro de 2007 as despesas com o pessoal representavam 11% do produto bancrio e 9% do turnover, enquanto que em Dezembro de 2006 a cifra situava-se na ordem dos 20% do produto bancrio e 13% do turnover.

18 14

Dez-06
Remuneraes de Empregados Custo com Pessoal

Dez-07
Encargos Sociais Obrigatrios

Remun. Org. Gesto e Fiscalizao Encargos sociais facultativos

O aumento do nmero de efectivos, motivado essencialmente pela necessidade de se fazer face crescente actividade da rede comercial, fez com que o nmero mdio de funcionrios por Balco, passasse de 17 em 2006, para 18 em Dezembro de 2007.

118

Gesto de Custos

A. Human Resources
In the year ended 31 December 2007, the bank continued with efforts to implement an integrated human resource management system, emphasising such matters as reviewing personal skills and abilities, introducing rules for performance evaluation and developing a corporate culture of continuous learning. The period in question also saw a marked increase in the size of the work force. In 2007, BAI for the first time completed a performance evaluation process involving employees from all across the country. This process, which began at the end of 2006, resulted in merit-based bonuses being awarded to a total of 531 employees. At the end of 2007, staff costs totalled USD 22 million, an increase of 16% relative to the previous year, when the figure was USD 19 million. The increase in costs was related essentially to the 15% increase in employee numbers, from 671 in December 2006 to 771 in December 2007. In December 2007 staff costs corresponded to 11% of banking product and 9% of turnover, while in December 2006 the relevant figures were in the order of 20% of banking product and 13% of turnover.

Staff costs
25 20 Million USD 15 10 5 0
1 1 19 1 3 22 1 3

18 14

Dez-06
Employee Wages Staff Costs

Dez-07
Compulsory Welfare Costs

Remun. Mngmnt. and Spvsry. Bodies Optional Welfare Costs

The increase in staff, prompted essentially by the need to deal with increasing levels of business activity within the commercial network, meant that the average number of employees per branch rose from 17 in 2006 to 18 in December 2007.

119

Cost Management

N Mdio de Empregado por Balco Vs. N Balces


50 45 40 35 30 25 20 15 10 5 0
42 36

17

18

Dez-06
N Empregados Por Balco

Dez-07
N balces

Distribuio dos trabalhadores por sexo


300 250 200 150 100 50 0 Agncias
18 179 240 213

No final de 2007, o BAI tinha 771 trabalhadores, mais 100 (15%) do que em Dezembro de 2006. Do total dos funcionrios, a maioria (54%) exercia funes de ndole comercial, 43% estava afecto aos servios centrais, e os restantes 3% faziam parte dos servios auxiliares. Assim, o rcio de operacionalidade situou-se em 1,19, significando que em mdia existe 1,19 funcionrios da rede comercial para cada funcionrio dos servios centrais. Do total dos efectivos, 457 (59%) so do sexo masculino enquanto que 314 (41%) so do sexo feminino.

117

A maioria dos funcionrios do Banco (564) tem idade inferior ou igual a 35 anos. No entanto, 43% dos trabalhadores, isto , 331, possui entre 3 a 8 anos de trabalho no Banco sendo detentores de experincia relevante nas mais variadas matrias da actividade bancria. No Banco, dos 771 funcionrios, 75% exerce funes exclusivamente bancrias enquanto que os restantes esto afectos s demais reas do banco.

Servios Auxiliares
Masculino Feminino

Servios Centrais

120

Gesto de Custos

Average no. of employees per branch Vs. No. of branches


At the end of 2007, BAI had 771 employees, 100 (15%) more than in December 2006. Of the total number of workers, the majority (54%) had functions of a commercial nature, 43% were assigned to head office, and the remaining 3% worked in auxiliary services. Thus the operationality ratio stood at 1.19, meaning that on average there were 1.19 employees working in the commercial network for each employee at head office. In terms of breakdown by gender, 457 (59%) employees were men, while 314 (41%) were women.
50 45 40 35 30 25 20 15 10 5 0
42 36

17

18

Dez-06
No. of employees per branch

Dez-07
No. of branches

Breakdown of employees by gender


300 250 200 150 100 50 0 Branches
Men
18 179 240 213

The majority of the bank's employees (564) are aged 35 or under. Nevertheless, 43% of staff, i.e. 331 people, have been with the bank for between three and eight years and have valuable experience in the most varied areas of the banking business. Within the bank, of its 771 employees, 75% have duties that are solely banking-related, while the remainder are assigned to other areas.

117

Auxiliary Services
Women

Head Office

121

Cost Management

Distribuio por Idade e Antiguidade


450 400 N Trabalhadores 350 300 250 200 150 100 50 0
0-3
35 9 26 3 42 20 7 195 116 398 360 331

18-35

36-50
3-8

>50
>9

Total

As despesas com a formao situaram-se em USD 420 milhares, valor bastante prximo do registado em 2006, USD 435 milhares. O ano de 2007 assinalou, no entanto, um aumento substancial dos custos de formao realizada no estrangeiro reflectindo uma aposta do banco na formao especializada dos seus efectivos. Note-se ainda que durante o ano de 2007 foram intensificadas aces de formao fazendo uso de recursos internos.

Encargos com Formao de Pessoal


500
435 420 38 86

400 Milhares de USD 300 200 100 0

83 12

B. Fornecimentos e Servios de Terceiros


Em 31 de Dezembro de 2007, as despesas com Fornecimentos e Servios de Terceiros totalizavam USD 23,6 milhes, registando um crescimento de 31% (USD 5,6 milhes), relativamente ao perodo homlogo de 2006. Esteve na base desse crescimento, os aumentos de USD 1.3 milhes (+100%) nas despesas com Fornecimentos de Terceiros e de USD 4.3 milhes (19%) nas despesas com Servios de Terceiros.

339

295

Dez-06
No pas No estrangeiro Outros encargos com formao

Dez-07
Encargos e formao do Pessoal

Fornecimento e Servios de Terceiros


30 25 Milhes de USD 20 15 10 5 0
1,2 2,5 16,9 18,1 23,6

21,2

Note-se, no entanto, que em Dezembro de 2007 as despesas com Fornecimentos e Servios de Terceiros correspondiam a apenas 12% do produto bancrio, enquanto que no perodo homlogo de 2006 a cifra situava-se em 17%.

C. Custo de Funcionamento e de Estrutura


No tocante eficincia, o cost to income situou-se a 27%, enquanto que no perodo homlogo de 2006, situava-se a 40%. Essa evoluo favorvel ficou a dever-se ao crescimento acentuado do produto bancrio, na ordem dos 84%, superior ao crescimento de 23% dos custos de estrutura. Os custos de estrutura cresceram em 10 milhes de USD, no perodo, ao passo que os custos operacionais aumentaram 9 milhes de USD. O ndice de produtividade, Custos de estrutura em relao ao Activo lquido, registou uma diminuio de 22%, passando de 1.88%, em 2006, para 1,47%, em 2007.

Dez-06
Fornecimentos de terceiros Servios de terceiros

Dez-07
Total

122

Gesto de Custos

Breakdown by age and length of service


450

Training costs came to USD 420,000, a figure fairly close to the USD 435,000 spent in 2006. 2007 saw however a substantial increase in spending on overseas training, reflecting the bank's commitment to specialist training for its employees. It should also be noted that training activities making use of internal resources were stepped up in 2007.

400 No. of employees 350 300 250 200 150 100 50 0

398 360 331

195 116 35 9 42 3 20 7

26

18-35
0-3

36-50
3-8

>50
>9

Total

Staff training costs


500
435

B. Third Party Supplies and Services


Thousands USD

420 38 86

400 300 200 100 0

83 12

As at 31 December 2007, total spending on third party supplies and services was USD 23.6 million, representing a 31% increase (USD 5.6 million) on the year-earlier period. Behind this increased outlay there lay an additional USD 1.3 million (+100%) of spending on third party supplies and USD 4.3 million (19%) of extra expenditure on third party services.

339

295

Dez-06
In Angola Overseas Other training costs

Dez-07
Staff training costs

Third Party supplies and services


30

Million USD

It should be noted, however, that in December 2007 the ratio of spending on third party supplies and services to banking product was just 12%, while in the year-earlier period the corresponding figure was 17%.

25 20 15 10 5
16,9 18,1

23,6

21,2

C. Operating and Structural Costs


From the standpoint of efficiency, the cost to income ratio was 27%, as against 40% in 2006. This improvement was due to the rapid rise in banking product, in the order of 84%, which outstripped the 23% increase in structural costs. Structural costs increased by 10 million USD during the period, while operating costs rose by 9 million USD. The productivity indicator structural costs to net assets fell by 22%, from 1.88% in 2006 to 1.47% in 2007.

0
Third party supplies

1,2

2,5

Dez-06
Third party services

Dez-07
Total

123

Cost Management

14. Anlise Financeira 14. Financial Analysis

A. Elementos do Balano
Durante o ano de 2007 o BAI cresceu de forma robusta, aumentando o seu activo lquido na ordem dos 58% (80% em 2006), fixando-se em USD 3.6 bilies. O crescimento do activo lquido representou uma variao absoluta na ordem dos USD 1.3 bilies relativamente a Dezembro de 2006. No activo reala-se o aumento do Crdito sobre Clientes, com um aumento expressivo da taxa de transformao, enquanto que no passivo, o crescimento dos depsitos, que conferiu ao BAI o primeiro lugar no ranking dos depsitos do sistema. No activo, destaca-se o crescimento do Crdito sobre Clientes na ordem dos USD 414 milhes (ou 98%), representando 31% da variao total do activo lquido. Este facto reflecte um esforo do Banco no sentido de ir de encontro s necessidades de crdito dos seus clientes. Com efeito, o peso do Crdito sobre Clientes relativamente ao total do Activo lquido passou de 18% para 23%. Ainda do lado do activo, reala-se o crescimento de USD 397 milhes (ou 43%) do item Outros Crditos sobre Instituio de Crditos que representou 30% da variao do activo lquido. Este item continua a ser o de maior peso no activo lquido do Banco representando 36% do seu total, o que compara com 40% em 2006. Essas variaes ocorreram em simultneo com o crescimento de 98% do item Caixa e Disponibilidades no Banco Central que representou 19% do crescimento activo lquido. Esse aumento reflectiu sobretudo a mudana na regulamentao relativa s reservas obrigatrias. Note-se que, no final de 2007, o banco possua USD 505 milhes em Caixa e Disponibilidades junto no Banco Central. Durante o exerccio em anlise, registou-se um esforo adicional no sentido de se optimizar a rentabilizao dos recursos. Isso ficou patente com o aumento do peso no activo de itens de maior rentabilidade, como o Crdito sobre Clientes e os Ttulos.

126

Anlise Financeira

A. Balance Sheet
BAI achieved robust growth in 2007, increasing its net assets in the order of 58% (versus 80% in 2006), to USD 3.6 billion. The increase in net assets represented an absolute variation in the order of USD 1.3 billion relative to December 2006. Most significant on the asset side was the increase in loans and advances to customers, reflecting a substantial rise in the transformation rate; on the liabilities side, the increase in deposits took BAI to first place in the league table of deposits within the Angolan banking system. On the assets side, loans and advances to customers increased in the order of USD 414 million (or 98%), representing 31% of the total variation in net assets. This fact reflects efforts on the bank's part to meet its customers' borrowing requirements. As a proportion of total assets, loans and advances to customers swelled from 18% to 23%. Still on the assets side, it is also worth highlighting the increase of USD 397 million (or 43%) in the item "Other lending to credit institutions", which accounted for 30% of the increase in net assets. This continues to be the biggest item within the bank's net assets, making up 36% of the total, as compared with 40% in 2006. These variations occurred simultaneously with a 98% increase in the item "Cash and central bank deposits", which accounted for 19% of the increase in net assets. That increase was essentially due to the change in the rules governing compulsory reserves. At the end of 2007 the bank had USD 505 million in cash and central bank deposits. During the year in question additional efforts were made to optimise return on resources. This can be seen in the increase in the proportion of assets of a more profitable nature, such as loans and advances to customers and securities.

127

Financial Analysis

No lado do passivo as grandes variaes ocorreram ao nvel dos depsitos. Esse item cresceu 71%, o que representou 88% do crescimento do activo lquido. O crescimento dos depsitos confirmou a superioridade do BAI em termos de quota de mercado. A taxa de transformao situou-se em 30%, o que compara com 25% em 2006. O aumento das Responsabilidades por Ttulos representou apenas 2% do crescimento do activo lquido, num montante equivalente a USD 31 Milhes. Em Dezembro de 2007, os ttulos Garantidos BAI representavam 12% do activo lquido, menos 6% que os 18% registados em Dezembro de 2006.

Activo Lquido
3.650

3.600 3.200 2.800 Milhes de USD 2.400 2.000 1.600 1.200 800 400 0
542 1.354 2.310 99 289

139 570

2.166

730

Dez-06
Caixa e disponibilidades Crditos Obrig. e ttulos

Dez-07
Imobilizaes Out. activos e regularizaes

Passivo e Fundos Prprios


3.650

3.600 3.200

227

437

2.800 Milhes de USD 2.400 2.000


406 2.310 146

1.600 1.200 800 400 0


Recursos
1.668

2.838

Dez-06
Resp. por Ttulos Outros recur. Out. passivos & regul.

Dez-07
Provises Fundos prprios

128

Anlise Financeira

On the liabilities side, the most significant variations were seen at the level of deposits. That item increased by 71%, which represented 88% of the increase in net assets. The increase in deposits confirmed BAI's superiority in terms of market share. A transformation rate of 30% was achieved, compared with 25% in 2006. The increase in securitised liabilities, in an amount equivalent to USD 31 million, represented just 2% of the increase in net assets. In December 2007, BAI guaranteed securities represented 12% of net assets, down 6% from the 18% recorded in December 2006.

Net Assets
3.650

3.600 3.200 2.800 2.400 Million USD 2.000 1.600 1.200 800 400 0
Cash and deposits
542 1.354 2.310 99 289

139 570

2.166

730

Dez-06
Credit Bonds and securities Fixed assets

Dez-07
Other assets and adjustments

Liabilities and equity


3.650

3.600 3.200

227

437

2.800 2.400 Million USD 2.000


406 2.310 146

1.600 1.200 800 400 0


Resources Securitised Liabilities Other resources Other liabilities and adjustments
1.668

2.838

Provisions

Equity

129

Financial Analysis

Lucro por Aco (EPS)


20
17,55

16

O lucro por aco em Dezembro de 2007 cresceu 77% relativamente a Dezembro de 2006, passando de USD 9,91 para USD 17,55.

12 USD

9,91

B. Elementos da Demonstrao de Resultados


O Resultado Lquido do exerccio situou-se em USD 78 milhes o que corresponde a um aumento de 77% relativamente aos USD 44 milhes registados em 2006. Os itens com maior impacto positivo nesse resultado foram a Margem Financeira, com um crescimento de USD 60 milhes e a Margem Complementar com USD 30 milhes. Ao evoluir de forma controlada (+ USD 9 milhes), os custos operacionais continuam a representar a maior fatia dos custos do banco. As Provises, com uma variao absoluta de USD 25 milhes, seguiram-se aos custos operacionais em termos de impacto negativo nos resultados.

0 Dez-06 Dez-07

Resultados Lquidos
250 200 Milhes de USD 150
114 108 78 54 -37 -45 -7 -8 -3 -29 44 198

100 50 0 -50 -100 Margem Financeira Produto Bancrio

O turnover apresentou um crescimento de 66% passando de USD 142 milhes, em Dezembro de 2006, para USD 236 milhes, em Dezembro de 2007. Esse crescimento reflectiu o aumento da actividade do BAI, dos seus activos e na rentabilidade dos mesmos.

Custos Operacionais Dez-06

Amortizaes

Provises

Resultado Lquido

Dez-07

130

Anlise Financeira

Earnings per share


Earnings per share in December 2007 were 77% higher than in December 2006, up from USD 9.91 to USD 17.55.
USD 20
17,55

16

B. Income Statement
The net result for the year was USD 78 million, which corresponds to a 77% increase on the USD 44 million recorded in 2006. The items that made the greatest positive contribution to this result were financial margin, which rose by USD 60 million, and supplementary margin, which was up USD 30 million. Rising in a controlled manner (+ USD 9 million), operating costs continued to represent the biggest slice of the bank's outgoings. Provisions, which increased by USD 25 million in absolute terms, came behind operating costs in terms of their negative impact on results.

12

9,91

0 Dec-06 Dec-07

Net result
250

Million USD

Turnover rose by 66%, from USD 142 million in December 2006 to USD 236 million in December 2007. That increase reflects a busier year, growth in assets and higher returns on those assets.

200 150
114 108

198

100 50 0 -50 -100 Financial Margin Banking Product


54 -37 -45 -7 -8 -3 -29 44

78

Operating Costs Dec-06

Depreciation

Provisions

Net Result

Dec-07

131

Financial Analysis

Turnover
240 210 180 Milhes de USD
149 236

150 120 90 60

142

A Margem Financeira, a 31 de Dezembro de 2007, apresentou um crescimento 111% relativamente ao seu valor em Dezembro de 2006. Assim, a importncia da Margem Financeira no produto bancrio passa de 50% em Dezembro de 2006 para 58% em Dezembro de 2007.

85 29 20

30
33

51

0 Dez-06
Out. proveitos Res. op. financeiras Comisses Rend. de ttulos

Dez-07
Jur e prov. equiparados

Diferencial do Produto Bancrio


100
86 90 90

80
60 60

69

68

Milhes de USD

60
60

40

Em Dezembro de 2007, o produto bancrio situou-se em USD 198 milhes, mais USD 90 milhes do que o montante registado no perodo homlogo de 2006. Contriburam essencialmente para esse crescimento os aumentos de USD 60 milhes da Margem Financeira, de USD 18 milhes dos Resultados em Operaes Financeiras e de USD 8 milhes das Comisses Recebidas.
18 4 0

20
8 0

0 Margem financeira

-20

Rend. de ttulos

Comi. Recebidas

Comi. Pagas

Result. oper financeiras

Out. proveitos

Out. custos

Relativamente a Margem Financeira destaca-se o aumento nos Juros e proveitos equiparados na ordem dos 74% (equivalentes a USD 63 milhes) superior ao aumento de apenas 10% (USD 3 milhes) nos Juros e Custos Equiparados.

Diferencial

Diferencial Acumulado

132

Anlise Financeira

Turnover
Financial Margin as at 31 December 2007 was 111% higher than in December 2006. Thus the contribution of financial margin to overall banking product rose from 50% in December 2006 to 58% in December 2007.
Million USD 240 210 180
149 236

150 120 90 60

142

85 29 20

30
33

51

0 Dez-06
Other income Res. Fin. Ops. Fees Inc. from secs.

Dez-07
Interest and equivalent inc.

Banking product differential


100

In December 2007, banking product stood at USD 198 million, USD 90 million higher than the amount recorded in the year-earlier period. The essential components of that performance were increases of USD 60 million in financial margin, USD 18 million in results on financial operations and USD 8 million in fees received. Within financial margin, it is worth noting the 74% increase in interest and equivalent income (equivalent to USD 63 million), which outstripped the increase of just 10% (USD 3 million) in interest and equivalent costs.

86

90

90

80
60 60

69

68

60 Million USD
60

40

20
8 0

18 4

0 Financial margin

-20

Income from securities

Fees received

Fees paid

Res. Fin. Ops.

Other income

Other costs

Differential

Cumulative differential

133

Financial Analysis

Margem Financeira
150 100
149

50 0

114 85 54 (31) (34)

-50

Dez-06

Dez-07

Juros e Proveitos Equiparados

Juros e Custos Equiparados

Margem Financeira

Em Dezembro de 2007, a taxa mdia das aplicaes18, na ordem dos 5,97% superou a registada em Dezembro de 2006, que se situou nos 5,8%. Esta variao deveu-se essencialmente s alteraes nas taxas das aplicaes interbancrias e dos ttulos em carteira. Por seu turno, a taxa mdia dos recursos19, em Dezembro de 2007, na ordem dos 1,28% era inferior taxa registada no perodo homlogo do ano de 2006, de 2,0%. Essa reduo reflectiu essencialmente a diminuio dos depsitos a prazo e o aumento substancial dos depsitos ordem. Em Dezembro de 2006, os Resultados em Operaes Financeiras representavam 31% do produto bancrio, enquanto que em Dezembro de 2007 representavam apenas 26%. O aumento dos prejuzos e diferenas de reavaliao Notas e Moedas e a diminuio dos resultados em outras operaes financeiras estiveram na base dos resultados registados.

Milhes de USD

Resultados em Operaes Financeiras


60 50 Milhes de USD 40 30
48 33 51

O crescimento do Activo Lquido do Banco taxa de 58% foi acompanhado por aumentos de rentabilidades do Activo e dos fundos prprios. O ROAE passou de 38,00%, em Dezembro de 2006, para 41,86%, em Dezembro de 2007, enquanto que o ROAA passou de 2,50% para 2,62% no mesmo perodo, conforme ilustrado no grfico ao lado.

20
29

10 0 Dez-06
Res. posio cambial vista Res. outras operaes financeiras

Dez-07
Res. operaes financeiras

134
18 19

Anlise Financeira

Taxa mdia das aplicaes = Juros e Proveitos Equip./mdia do Activo financeiro Taxa mdia dos recursos = Juros e Custos Equip./mdia do Passivo financeiro

Financial margin
In December 2007, the average interest rate on investments18 , at 5.97%, was higher than that recorded in December 2006, when it stood at 5.8%. This variation was essentially due to changes in rates on interbank investments and portfolio securities. For its part, the average interest rate on resources19 in December 2007, which was 1.28%, was lower than the rate recorded for the year-earlier period, which was 2.0%. That reduction essentially reflected the decrease in term deposits and the substantial increase in demand deposits. In December 2006, results on financial operations represented 31% of banking product, while in December 2007 they represented only 26%. Underlying the results recorded were an increase in losses and revaluation differences - notes and coins and lower results on other financial operations.
150 Million USD 100
149

50 0

114 85 54 (31) (34)

-50

Dec-06

Dec-07

Interest and equivalent income

Interest and equivalent costs

Financial margin

Results on financial operations


60
51

Million USD

Growth of 58% in the bank's net assets was accompanied by higher returns on assets and equity. ROAE rose from 38.00% in December 2006 to 41.86% in December 2007, while ROAA rose from 2.50% to 2.62% over the same period, as shown by the accompanying chart.

50 40 30
48 33

20
29

10 0 Dec-06
Res. foreign exchange sight position

Dec-07
Res. other financial operations Res. financial operations

135
18

Mean applications rate = Interest and equiv. income / mean financial assets 19 Mean resources rate = Interest and equiv. costs / mean financial liabilities

Financial Analysis

RAI/ Fundos prprios


50%

64%

O aumento nos rcios de rentabilidade pode ser explicado pelos seguintes factores: Aumento das taxas de juro dos ttulos emitidos localmente (ver grfico em baixo). Esforo do banco na maximizao da rentabilidade dos recursos disponveis. Utilizao mais eficiente dos recursos como reflexo de economias de escala.

ROAE

42% 38%

2,62%

ROAA

2,50%

0%

20%
Dez-07

40%
Dez-06

60%

80%

Taxas Mensais de Juros de Referncia


16,00 14,00 12,00 10,00 8,00 6,00 4,00 2,00 Dez-06 Jan-07 Fev-07 Mar-07 Abr-07 Mai-07 Jun-07 Jul-07 Ago-07 Set-07 Out-07 Nov-07 Dez-07 3 M Libor USD3M Index 3 M TEC AKZ BNA 3 M Euribor EUR003M Index Fed Funds FDFD Index

136

Anlise Financeira

The increase in profitability ratios is attributable to the following factors: Higher interest rates on locally issued securities (see chart below). Efforts on the bank's part to maximise the return on available resources. More efficient use of resources as a consequence of economies of scale.

RAI / Equity
50%

64%

ROAE

42% 38%

2,62%

ROAA
2,50%

0%

20%
Dec-07

40%
Dec-06

60%

80%

Monthly reference interest rates


16,00 14,00 12,00 10,00 8,00 6,00 4,00 2,00 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 July-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 3 M Libor USD3M Index 3 M TEC AKZ BNA 3 M Euribor EUR003M Index Fed Funds FDFD Index

137

Financial Analysis

15. Proposta de Aplicao e Distribuio de Resultados 15. Proposal for the Distribution of Results

O Conselho de Administrao prope, tendo em conta as disposies legais e estatutrias, que o resultado lquido de KZ 5.859.721.047 (cinco bilies oitocentos e cinquenta e nove milhes setecentos e vinte e um mil quatrocentos e quarenta e sete kwanzas), equivalentes a USD 78.105.663 (setenta e oito milhes cento e cinco mil seiscentos e sessenta e trs Dlares dos EUA), referente ao exerccio de 2007, tenha a seguinte aplicao:

% Dividendos Reserva Legal Reservas Livres Fundo Social Prmios de produtividade p/ membros do Conselho de Administrao, Conselho Fiscal e Trabalhadores Total 20% 20% 52% 2% 6%

AKZ 1.171.944.409 1.171.944.409 3.047.055.465 117.194.441 351.583.323

USD 15.621.133 15.621.133 40.614.945 1.562.113 4.686.340

140

Proposta de Aplicao e Distribuio de Resultados

Bearing in mind the relevant legal and statutory provisions, the Board of Directors proposes that the net result for the net result for the year 2007 of KZ 5,859,722,047 (five billion, eight hundred and fifty-nine million, seven hundred and twenty-two thousand and forty-seven kwanzas), equivalent to USD 78,105,663 (seventy-eight million, one hundred and five thousand, six hundred and sixty-three United States dollars) be distributed as follows:

% Dividends Legal Reserve Free Reserves Social Fund Productivity bonuses for members of the Board of Directors, Audit Committee and Employees Total 20% 20% 52% 2% 6%

AKZ 1.171.944.409 1.171.944.409 3.047.055.465 117.194.441 351.583.323

USD 15.621.133 15.621.133 40.614.945 1.562.113 4.686.340

141

Proposal for the Distribution of Results

16. Aprovao do Conselho de Administrao 16. Board of Directors' Approval

Os administradores do BAI Banco Africano de Investimentos, S.A.R.L. so os responsveis pela preparao, integridade e objectividade das demonstraes financeiras e demais informaes contidas neste relatrio. convico da Administrao que para satisfazer esta responsabilidade, o Banco disponha de sistemas internos de controlo contabilstico e administrativo para assegurar que os activos do Banco sejam salvaguardados e que as respectivas operaes e transaces sejam executadas e escrituradas em conformidade com as normas e os procedimentos adoptados. As demonstraes financeiras referentes ao exerccio findo em 31 de Dezembro de 2007 auditadas e constantes das pginas seguintes foram aprovadas pelo Conselho de Administrao em 07 de Abril de 2008, e vo ser assinadas em seu nome por:

Jos Carlos de Castro Paiva Presidente do Conselho de Administrao Ana Paula Gray Vice-Presidente Manuel Domingos Vicente Vice-Presidente Jos de Lima Massano Presidente da Comisso Executiva Mrio Alberto Barber Administrador Executivo Lus Filipe Llis Administrador Executivo Theodore Jameson Giletti Administrador

144

Aprovao do Conselho de Administrao

The directors of BAI Banco Africano de Investimentos, S.A.R.L. are responsible for preparing the financial statements and other information contained in this report and for the integrity and objectivity thereof. It is the Board's conviction that, to meet this responsibility, the bank has internal systems of accounting and administrative control to ensure that the bank's assets are safeguarded and that the corresponding operations and transactions are carried out and recorded in conformity with the rules and procedures adopted. The audited financial statements for the year ended 31 December 2007 shown on pages 34 to 64 were approved by the Board of Directors on 07 de Abril de 2008, and are signed on its behalf by:

Jos Carlos de Castro Paiva Chairman of the Board of Directors Ana Paula Gray Vice-Chairman Manuel Domingos Vicente Vice-Chairman Jos de Lima Massano Chief Executive Officer Mrio Alberto Barber Executive Director Lus Filipe Llis Executive Director Theodore Jameson Giletti Director

145

Board of Directors' Approval

17. Demonstraes Financeiras 17. Financial Statements

A. Balano A. Balance Sheet


31-Dez-07 Notas Valor Bruto Amortizaes e provises Activo Lquido 31-Dez-06 Activo Lquido

ACTIVO / Caixa e Disponibilidade no Banco Central 5 Disponibilidades sobre instituies de crdito 6 Outros crditos sobre instituies de crdito 7 Crditos sobre clientes 8 Obrigaes e outros ttulos 9 Ttulos de investimentos 9 Participaes 10 Imobilizaes Incorpreas 11 Imobilizaes corpreas e em curso 11 Outros activos 12 Contas de regularizao 13 e 31 2 973 901 2 973 901 1 823 208 631 089 631 089 252 557 9 679 169 1 872 644 7 806 525 5 773 065 803 097 418 902 384 195 185 709 2 360 537 2 360 537 1 978 163 16 575 476 16 575 476 6 554 893 26 218 738 26 218 738 16 664 829 63 831 986 1 160 022 62 671 964 33 820 576 99 813 397 99 813 397 74 905 593 16 887 009 16 887 009 23 031 292 37 855 507 37 855 507 20 454 664

Demonstraes Financeiras

Total do Activo

148

Montantes expressos em milhares de KZ

Notas

31-Dez-07

31-Dez-06

PASSIVO / Recursos de outras instituies de crdito 14 Depsitos 14 Responsabilidades representadas por ttulos 15 Outros recursos 16 Outros passivos 17 e 31 Contas de regularizao 18 Provises para riscos e encargos 19 Total do Passivo 256 771 440 CAPITAL PRPRIO / Capital social 20 Fundos 20 Reserva legal 20 Reservas de reavaliao 20 Reservas livres 20 Outras reservas Resultado do exerccio 5 859 722 Total do Capital Prprio 17 406 898 Total do Passivo e do Capital Prprio 11 707 944 3 539 036
Financial Statements

945 000 211 984 514 32 787 974 1 544 290 4 731 784 1 587 002 3 190 876

1 200 000 132 707 194 32 600 608 1 475 690 3 010 660 1 330 834 1 411 620 173 736 605

3 572 610 193 135 2 101 364 667 083 5 060 244 (47 260)

3 572 610 0 1 393 557 667 083 2 582 919 (47 260)

20

149

A. Balano A. Balance Sheet


31-Dez-07 Notas Valor Bruto Amortizaes e provises Activo Lquido 31-Dez-06 Activo Lquido

ACTIVO / Caixa e Disponibilidade no Banco Central 5 Disponibilidades sobre instituies de crdito 6 Outros crditos sobre instituies de crdito 7 Crditos sobre clientes 8 Obrigaes e outros ttulos 9 Ttulos de investimentos 9 Participaes 10 Imobilizaes Incorpreas 11 Imobilizaes corpreas e em curso 11 Outros activos 12 Contas de regularizao 13 e 31 39 642 39 642 22 710 5 753 5 753 2 877 128 520 24 961 103 559 71 737 10 669 5 816 4 853 2 201 30 171 30 171 25 193 220 939 220 939 81 647 349 476 349 476 207 575 850 832 15 462 835 370 421 265 1 330 437 1 330 437 933 015 225 091 225 091 286 875 504 585 504 585 254 781

Demonstraes Financeiras

Total do Activo

150

Montantes expressos em milhares de USD

Notas

31-Dez-07

31-Dez-06

PASSIVO / Recursos de outras instituies de crdito 14 Depsitos 14 Responsabilidades representadas por ttulos 15 Outros recursos 16 Outros passivos 17 e 31 Contas de regularizao 18 Provises para riscos e encargos 19 Total do Passivo 3 422 570 CAPITAL PRPRIO / Capital social 20 Fundos 20 Reserva legal 20 Reservas de reexpresso 20 Reservas livres 20 Outras reservas Resultado do exerccio 78 106 Total do Capital Prprio 227 306 Total do Passivo e do Capital Prprio 145 833 44 082
Financial Statements

12 596 2 825 594 437 039 20 584 63 071 21 154 42 532

14 947 1 652 985 406 069 18 381 37 500 16 578 17 5830 2 164 043

44 500 2 405 27 025 9 060 66 795 (585)

44 500 0 18 208 3 691 35 937 (585)

20

151

B. Demonstrao de Resultados
Notas Juros e proveitos equiparados Juros e custos equiparados Margem Financeira Comisses Recebidas Comisses Pagas Resultados em operaes financeiras Outros Proveitos Outros Custos Margem Complementar Produto Bancrio Custos com o Pessoal Fornecimentos e servios de terceiros Amortizaes do exerccio Impostos e taxas Provises do exerccio Resultado Operacional Resultados extraordinrios Resultados antes Efeitos Converso Resultado cambial de converso para USD Resultados antes de Impostos Proviso para imposto Industrial Resultado do exerccio 26 e 31 27 Anexo A e B 28 (1 660 764) (1 804 247) (628 778) (35 773) (2 158 818) (21 750) (23 629) (8 182) (468) (28 775) (1 507 702) (1 451 571) (538 900) (35 996) ( 267 506) (18 766) (18 067) (6 708) (448) (3 330) 21 22 31-Dez-07 Milhares de KZ 11 341 767 (2 625 493) 31-Dez-07 31-Dez-06 31-Dez-06 Milhares de USD Milhares de KZ Milhares de USD 148 537 (34 385) 6 851 057 (2 505 291) 85 274 (31 183)

23 23 24 25 25

2 182 506 (158 341) 3 916 059 581 845 (88 514)

28 583 (2 074) 51 287 7 620 (1 159)

1 617 477 (141 439) 2 664 001 308 792 (117 943)

20 132 (1 760) 33 158 3 843 (1 468)

29 e 31

(79 100)

(1 036)

(158 005)

(1 967)

2 494

44

17

(2 922 627)

(38 956)

(1 177 936)

(14 672)

152

Demonstraes Financeiras

B. Income Statement
Note Interest and equivalent income Interest and equivalent costs Financial Margin Fees received Fees paid Results on financial operations Other income Other costs Supplementary Margin Banking Product Staff costs Third party supplies and services Depreciation in the year Tax Provisions in the year Operating Result Extraordinary result Result before conversion effects Exchange rate result of conversion to USD Pre-tax result Provision for industrial tax Result for the year 26 e 31 (1 660 764) 27 (1 804 247) Anexo A e B (628 778) (35 773) (468) 28 (2 158 818) (21 (23 (8 (35 (28 750) 629) 182) 996) 775) (1 507 702) (1 451 571) (538 900) (448) (267 506) (18 766) (18 067) (6 708) (3 330) 21 22 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD 11 341 767 (2 625 493) 148 537 (34 385) 6 851 057 (2 505 291) 85 274 (31 183)

23 23 24 25 25

2 182 506 (158 341) 3 916 059 581 845 (88 514)

28 583 (2 074) 51 287 7 620 (1 159)

1 617 477 (141 439) 2 664 001 308 792 (117 943)

20 132 (1 760) 33 158 3 843 (1 468)

29 e 31

(79 100)

(1 036)

(158 005)

(1 967)

2 494

44

17

(2 922 627)

(38 956)

(1 177 936)

(14 672)

153

Financial Statements

C. Notas s Demonstraes Financeiras


1. Constituio e actividade O Banco Africano de Investimentos, S.A., com sede em Luanda, um Banco de capitais privados, sendo parte deles de entidades no residentes cambiais. O Banco foi constitudo em 13 de Novembro de 1996. A actividade comercial foi iniciada no dia 4 de Novembro de 1997. Em 4 de Maio de 2007 o Banco Africano de Investimentos alterou a sua denominao social de sociedade annima de responsabilidade limitada (SARL) para sociedade annima (SA) para estar em conformidade com a Lei das Instituies Financeiras no seu Artigo 13 alnea b). O Banco tem por objecto social o exerccio da actividade bancria, nos termos e dentro dos limites definidos pelo Banco Nacional da Angola. O Banco dedica-se essencialmente obteno de recursos de terceiros sob a forma de depsitos e emisso de ttulos ou outros, os quais aplica, juntamente com os seus recursos prprios, na concesso de crditos a clientes, na aplicao junto de instituies de crdito, aquisio de ttulos ou em outros activos, para os quais se encontra devidamente autorizado. Presta ainda outros servios bancrios ao nvel da banca de investimentos e private banking e realiza diversos tipos de operaes em moeda estrangeira, dispondo para o efeito de uma rede nacional de 42 balces, 20 dos quais localizados na cidade de Luanda. 2. Bases de apresentao As demonstraes financeiras foram preparadas no pressuposto da continuidade das operaes, com base nos livros e registos mantidos pelo Banco, de acordo com os princpios contabilsticos estabelecidos no Plano de Contas das Instituies Financeiras, conforme definidos no Instrutivo n13/99, de 1 de Setembro, do Banco
Demonstraes Financeiras

154

C. Notes to the Financial Statements


1. Constitution and activity Banco Africano de Investimentos, S.A., is a private capital bank with its registered office in Luanda. Part of its capital is held by non-resident entities. The bank was founded on 13 November 1996 and began commercial operations on 4 November 1997. On 4 May 2007 Banco Africano de Investimentos changed its corporate name from private limited company - sociedade annima de responsabilidade limitada (SARL) - to public limited company - sociedade annima (SA) - to bring itself into line with article 13, subparagraph b) of the Financial Institutions Law. The bank's corporate purpose is to conduct banking business, in the terms and within the limits defined by the National Bank of Angola. The bank is essentially dedicated to obtaining resources from third parties, in the form of deposits or by issuing securities, which, along with its own resources, it then lends to customers, invests with credit institutions or uses to purchase securities and other assets, for which it is duly authorised. It also provides other services in the areas of investment banking and private banking and performs operations of various types in foreign currency, for which purpose it has a national network of 42 branches, of which 20 are located in the city of Luanda.

2. Basis of presentation The financial statements were prepared on the assumption that the bank was a going concern, on the basis of the books and records kept by the bank, in accordance with the accounting principles laid down in the Chart of Accounts for Financial Institutions, as defined in BNA Instruction no. 13/99, of 1 September, and

155

Financial Statements

Nacional de Angola e actualizaes subsequentes. Estes princpios podero diferir dos geralmente aceites em outros pases. O Banco no procedeu apresentao de contas consolidadas devido falta de enquadramento legal e fiscal em Angola. As demonstraes financeiras do Banco para o exerccio findo em 31de Dezembro de 2007 e 2006 foram elaboradas em Kwanzas (KZ) em observncia conveno do custo histrico, com excepo das imobilizaes corpreas que incluem as reavaliaes legais, e esto de acordo com os princpios contabilsticos e normas do Plano de Contas das Instituies Financeiras. As participaes, assim como os suprimentos constantes de Outros Activos encontram-se registados ao custo histrico em Kwanzas apurados na data de realizao do investimento. O Banco foi consistente na aplicao dos critrios de contabilizao adoptados no exerccio anterior. 3. Moeda de apresentao A reduo da instabilidade cambial verificada ao longo do exerccio findo em 31 de Dezembro de 2007 possibilita que as demonstraes financeiras em Kwanzas, referentes a este exerccio, sejam comparveis com as do exerccio findo em 31 de Dezembro de 2006. O Banco aplica desde o incio da sua actividade os princpios contabilsticos e de apresentao de contas, impostos pela regulamentao em vigor em Angola para as instituies financeiras, a qual exige a preparao das contas na moeda local (KZ), dentro dos princpios do sistema multimoeda.
Demonstraes Financeiras

156

subsequent updates. These principles may differ from those generally accepted in other countries. The bank did not present consolidated accounts because of the absence of an appropriate legal and fiscal framework in Angola. The bank's financial statements for the years ended 31 December 2007 and 2006 were drawn up in kwanzas (KZ) in accordance with the historical cost convention, with the exception of tangible fixed assets, which include legal revaluations and are in accordance with the accounting principles and standards of the Chart of Accounts for Financial Institutions. Participations, along with capital contributions shown as "Other assets", are recorded at historical cost in kwanzas calculated on the date of the investment.

The bank was consistent in applying the accounting criteria adopted in the previous year. 3. Currency of account The lesser degree of exchange rate instability observed over the course of the year ended 31 December 2007 means that the financial statements in kwanzas for that year are comparable with those for the year ended 31 December 2006. Since it began operations, the bank has applied the accounting principles and rules for the presentation of financial statements imposed by the prevailing legislation in Angola for financial institutions, which require that accounts be prepared in local currency (KZ), within the principles of the multi-currency system.

157

Financial Statements

Para efeitos de relato, o Conselho de Administrao assume o Dlar dos Estados Unidos (USD) como a moeda de referncia para a gesto do Banco, sendo a moeda mais representativa das suas operaes em moeda estrangeira. Como consequncia, a informao financeira apresentada em ambas as moedas. As taxas de cmbio KZ/USD utilizadas na preparao da informao financeira em USD foram as seguintes: Exerccio findo em 31.12.2006 31.12.2007 Taxa mdia ponderada 80,3447 76,3564 Taxa de encerramento 80,2834 75,0230

As demonstraes financeiras expressas em Kwanzas (KZ) foram convertidas para efeitos de apresentao em Dlares do Estados Unidos (USD) atravs da utilizao das seguintes taxas de cmbio: Histrica para as rubricas do Capital prprio, excluindo reservas de reavaliao do imobilizado; de Participaes Financeiras, de Outras Imobilizaes financeiras, de imobilizado incorpreo incluindo as respectivas Amortizaes e de imobilizado em curso; Encerramento para a totalidade dos activos, passivos e provises com a excepo das rubricas acima referidas; Mdia ponderada para a demonstrao de resultados, com excepo das provises e amortizaes.

As diferenas de cmbio originadas na converso para USD foram includas nas seguintes rubricas das demonstraes financeiras: Balano: na rubrica do Capital prprio denominada Reserva de reexpresso; Contas de custos e proveitos: na Demonstrao dos Resultados, numa rubrica denominada Resultado cambial de converso para USD.

158

Demonstraes Financeiras

For reporting purposes, the Board of Directors uses the United States dollar (USD) as the currency of reference for management of the bank, as this is the currency most representative of its foreign currency operations. As a consequence, financial information is presented in both currencies. The KZ/USD exchange rates used in preparing financial information in USD were as follows:

Year ended 31.12.2006 31.12.2007

Weighted average rate 80,3447 76,3564

Closing rate 80,2834 75,0230

For the purposes of presentation in United States dollars (USD), the financial statements expressed in kwanzas (KZ) were converted using the following exchange rates: Historical for the items Shareholders Equity, excluding Revaluation Reserves for Fixed Assets; Equity holdings; "Other financial fixed assets" and "Intangible fixed assets" including depreciation thereof and fixed assets in progress; Closing for all assets, liabilities and provisions with the exception of the items referred to above; Weighted average for the income statement, with the exception of provisions and depreciation.

Exchange rate differences arising from the conversion to USD were included in the following items on the financial statements: Balance sheet: in the shareholders equity item designated "Restatement Reserve"; Costs and income accounts: on the income statement, in an item designated "Result of conversion into USD".

159

Financial Statements

4. Polticas Contabilsticas
A seguir so descritas as principais polticas contabilsticas utilizadas na elaborao das demonstraes financeiras dos exerccios findos em 31 de Dezembro de 2007 e 2006 as quais tm sido consistentemente aplicadas: a) Especializao de exerccios Os juros de operaes activas e passivas so reconhecidos de acordo com o princpio contabilstico da especializao de exerccios, isto , so registados medida que so gerados, independentemente do momento do seu recebimento ou pagamento. Porm, os juros vencidos e no cobrados so contabilizados na rubrica de Crdito e juros vencidos na data em que a cobrana se deveria ter efectivado, ficando a aguardar pelo perodo mximo de 30 dias a respectiva regularizao. Decorrido este prazo, suspensa a contabilizao dos juros em contas de proveitos. Os dividendos so reconhecidos quando recebidos. b) Provises para risco de crdito A proviso para riscos gerais de crdito, em Angola, constituda de acordo com o disposto no Instrutivo n. 9/98 de 16 de Novembro, do Banco Nacional de Angola e destina-se a cobrir riscos potenciais existentes na carteira de crdito, incluindo os crditos por assinatura, mas que no foram identificados como risco especfico (ver nota 19). A proviso especfica para crdito e juros vencidos destina-se a cobrir os riscos de realizao de crditos concedidos que apresentem prestaes vencidas e no pagas de capital ou juros. De acordo com o disposto no Instrutivo n. 9/98 de 16 de Novembro do Banco Nacional de Angola (notas 8 e 28), as
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4. Accounting policies
The main accounting policies used in drawing up the financial statements for the years ended 31 December 2007 and 2006, which have been applied consistently, are described below: a) Accrual concept Interest on lending and borrowing operations is recognised in accordance with the accrual concept, i.e. it is recorded as it is generated, independently of when it is received or paid. However, interest overdue and not collected is recorded in the item "Overdue credit and interest" on the date that collection should have taken place, while settlement is awaited for the maximum 30-day period. After that period, recording of interest in income accounts is suspended. Dividends are recognised when they are received.

b) Provisions for credit risk In Angola, the provision for general credit risks is created in accordance with the provisions of BNA Instruction no. 9/98 of 16 November and is intended to cover potential risks in the credit portfolio, including guarantees and documentary credit, that have not been identified as specific risks (see note 19). The specific provision for overdue credit and interest is intended to cover the risk of non-repayment of credits in respect of which there are either capital instalments or interest overdue and unpaid. In accordance with the dispositions of BNA Instruction no. 9/98 of 16 November (notes 8 and 28), the extent to which provision must be made for overdue credit and interest
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percentagens de provisionamento do crdito e juros vencidos so funo crescente do tempo decorrido aps o respectivo vencimento e do facto de estarem cobertos ou no por garantias, conforme se resume a seguir: Classe Classe Classe Classe I II III IV At 3 meses De 3 a 6 meses De 6 meses a 1 ano Mais de 1 ano 5% 25% 50% 100%

A proviso para adiantamentos a depositantes (descobertos em depsitos ordem) constituda de acordo com o disposto na Directiva n17/98 de 16 de Novembro do Banco Nacional de Angola, encontrando-se as operaes com antiguidade superior a 30 dias aprovisionadas na sua totalidade. No se procedeu constituio de provises para os adiantamentos em que as contrapartes sejam consideradas como entidades no passveis de dar lugar constituio de provises, conforme disposto no captulo VII, N. 4.5 do Plano de Contas das Instituies Financeiras vigente em Angola. Adicionalmente, o Banco procede anlise econmica dos principais riscos da sua carteira crdito reforando as suas provises, sempre que tal se julgue necessrio. c) Transaces em moeda estrangeira e operaes com produtos derivados As operaes em moeda estrangeira so registadas de acordo com os princpios do sistema multimoeda, segundo o qual, cada operao registada exclusivamente em funo das respectivas moedas de denominao intervenientes. De acordo com este mtodo, os activos e passivos expressos em moeda estrangeira so convertidos para KZ, no fecho de cada ms contabilstico, atravs da aplicao da mdia dos cmbios de compra e venda publicados pelo Banco Nacional de Angola.

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increases according to how much time has elapsed since it became due and depending on whether or not the credits are covered by guarantees as summarised below: Class Class Class Class I II III IV Up to 3 months From 3 to 6 months From 6 months to 1 year More than 1 year 5% 25% 50% 100%

The provision for advances to depositors (overdrafts on demand deposits) is constituted in accordance with the provisions of BNA Directive no. 17/98 of 16 November: operations older than 30 days are covered in full. Provisions have not been set up in the case of advances to counterparties regarded as entities not of a nature such as to require the constitution of provisions, as provided in chapter VII, No. 4.5 of the Chart of Accounts for Financial Institutions prevailing in Angola.

In addition, the bank conducts an economic analysis of the main risks in its credit portfolio and increases its provisions wherever it deems necessary.

c) Foreign currency transactions and operations with derivative products Foreign currency operations are recorded in conformity with the principles of the multi-currency system, which require that each operation be recorded exclusively according to the currencies involved. Using this method, assets and liabilities expressed in foreign currency are converted into KZ at the close of each accounting month by applying the average of the buy and sell exchange rates published by the National Bank of Angola.
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Na data da sua contratao, as compras e vendas de moeda estrangeira vista e a prazo so imediatamente registadas na posio cambial. A taxa de cmbio utilizada no final do exerccio para a converso em KZ da principal moeda estrangeira, nomeadamente o USD, foi a mencionada na nota 3. . Posio cambial vista A posio cambial vista em cada moeda dada pelo saldo lquido de activos e passivos dessa moeda, assim como das operaes vista a aguardar liquidao e das operaes a prazo com vencimento nos dois dias teis subsequentes. A posio cambial vista reavaliada mensalmente ao cmbio mdio publicado pelo Banco Nacional de Angola, dando origem movimentao da conta de posio cambial (moeda nacional) por contrapartida de custos ou proveitos do exerccio. . Converso em KZ de resultados em moeda estrangeira Com referncia ao final de cada ms, todos os resultados expressos em moeda estrangeira so convertidos para KZ com base na mdia das taxas de cmbio de compra e venda. Este procedimento provoca a alterao da posio de cmbio vista em cada moeda estrangeira envolvida face moeda nacional. Desta forma, os proveitos/custos em cada moeda estrangeira so creditados/debitados por contrapartida da respectiva posio cambial vista.

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Spot and forward purchases and sales of foreign currency are immediately recorded in the foreign exchange position on the date of the respective contracts. The exchange rate used at the end of the year to convert the main foreign currency, namely the USD, into KZ was the rate shown in note 3.

. Foreign exchange sight position The foreign exchange sight position in each currency is given by the net balance of assets and liabilities in that currency, along with that of sight operations awaiting settlement and forward operations maturing within the next two working days. The foreign exchange sight position is revalued on a monthly basis at the average exchange rate published by the National Bank of Angola, giving rise to a change in the foreign exchange position (national currency) account, with a corresponding entry under costs or income for the year.

. Conversion into KZ of results in foreign currency With reference to the end of every month, results expressed in foreign currency are converted into KZ on the basis of the average of the buy and sell rates. This procedure gives rise to a change in the foreign exchange sight position in each foreign currency involved against the national currency. In this way, income/costs in each foreign currency are credited/debited with a corresponding entry in the relevant foreign exchange sight position.

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. Posio cambial a prazo A posio cambial a prazo em cada moeda dada pelo saldo lquido das operaes a prazo aguardando liquidao e que no estejam a cobrir a posio cambial vista, com excluso das que se venam dentro dos dois dias teis subsequentes. Todos os contratos relativos a estas operaes (Forwards de moeda) so reavaliados s taxas de cmbio a prazo do mercado ou, na ausncia destas, atravs do seu clculo com base nas taxas de juro aplicveis ao prazo residual de cada operao. As diferenas para os contravalores em KZ s taxas contratadas representam o proveito ou o custo da reavaliao da posio a prazo, sendo registadas numa conta de Reavaliao da posio cambial a prazo por contrapartida de custos ou proveitos do exerccio. . Operaes cambiais realizadas junto do Banco Nacional de Angola As operaes cambiais realizadas junto do Banco Nacional de Angola, liquidadas e a aguardar liquidao vista ou a prazo pelo prprio Banco Central, so registadas por contrapartida de uma conta de balano especfica no sujeita a reavaliao, conforme o disposto na Directiva n. 16/98 de 16 de Novembro. . Operaes de permuta de divisas (Swaps de moeda) As operaes de permuta de divisas e outras operaes de fixao de cmbio no so consideradas na reavaliao das posies vista e a prazo. Os prmios ou descontos destas operaes so reconhecidos linearmente at data do seu vencimento por contrapartida de custos ou proveitos em resultados em operaes financeiras.

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. Foreign exchange forward position The foreign exchange forward position in each currency is given by the net balance of forward operations awaiting settlement and not covering the foreign exchange sight position, excluding those maturing within the next two working days. All contracts for such operations (currency forwards) are revalued at market forward exchange rates or, in their absence, by calculating their value on the basis of the interest rates applicable to the residual period on each operation. Differences for KZ countervalues relative to the contracted rates represent the income or cost of revaluation of the forward position and are recorded in a "Revaluation of the foreign exchange forward position" account, with a corresponding entry under costs or income for the year. . Foreign exchange operations conducted with the National Bank of Angola Foreign exchange operations conducted with the National Bank of Angola, settled or awaiting spot or forward settlement by the central bank itself, are recorded with a corresponding entry in a specific balance sheet account not subject to revaluation, in accordance with the provisions of Directive no. 16/98 of 16 November. . Currency swaps Currency swaps and other exchange rate fixing operations are not taken into account in the revaluation of sight and forward positions. Premiums or discounts on these operations are recognised in a linear manner up to the date of their maturity, with a corresponding entry under costs or income in results on financial operations.

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d) Crditos indexados a dlares dos Estados Unidos Os resultados decorrentes da reavaliao dos crditos concedidos em Kwanzas que se encontram indexados ao Dlar dos Estados Unidos (USD), ou seja, em que o diferencial entre o custo histrico na data da concesso do crdito em Kwanzas e o seu valor, no momento de referncia, ao contravalor em Dlar dos Estados Unidos (USD), so registados directamente nas contas de Ganhos e Perdas em operaes financeiras. O clculo e especializao de juros destes crditos so efectuados sobre o crdito denominado na moeda de indexao (USD), sendo a sua reavaliao registada directamente nas contas de Juros e Proveitos Equiparados, numa base mensal. Presentemente o Banco no possui crditos indexados no seu Balano. e) Operaes de ttulos Atendendo s caractersticas dos ttulos e inteno do Conselho de Administrao aquando da sua aquisio, a carteira de ttulos do Banco classificada e valorizada como segue: Ttulos de Negociao So considerados ttulos de negociao, aqueles que so adquiridos com o objectivo de venda num prazo que no poder exceder seis meses. Os ttulos emitidos a valor descontado (TDPs Ttulos da Dvida Pblica e BTs Bilhetes do Tesouro) so registados pelo valor de reembolso (valor nominal). O diferencial entre este e o custo de aquisio reconhecido conDemonstraes Financeiras

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d) Credits Indexed to United States Dollars Results arising from revaluation of credits granted in kwanzas that are indexed to the United States dollar (USD), that is to say, in which the differential between the historical cost on the date the credit was granted in kwanzas and its value, at the time of reference, at the countervalue in United States dollars (USD), are recorded directly in the "Gains and losses on financial operations" accounts. Interest on these credits and allocation thereof in accordance with the accrual concept is calculated on the credit denominated in the reference currency (USD); revaluation thereof is recorded directly in the "Interest and equivalent income" accounts, on a monthly basis. The bank does not currently have any indexed credits on its balance sheet. e) Securities Operations Taking into account the characteristics of the securities and the intentions of the Board of Directors at the time of their acquisition, the bank's securities portfolio is classified and valued as follows: Negotiable Securities Securities that the bank purchases with the intention of selling on within a period not exceeding six months are considered negotiable securities. Securities issued at a discount (Public Debt Securities - TDPs and Treasury Bills - BTs) are recorded at redemption value (face value). The difference between this value and purchase cost is recognised in accounts

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tabilisticamente como proveito ao longo do perodo at ao seu vencimento. Este diferencial, que constitui a remunerao do Banco, registado em contas de regularizao do passivo na rubrica de Receitas com proveito diferido. Ttulos de Investimento Consideram-se ttulos de investimento, aqueles que so adquiridos com fins de reteno por perodos superiores a seis meses, sendo inteno da administrao em manter os ttulos at o seu vencimento. As Obrigaes do Tesouro (ttulos de rendimento fixo) so registadas ao valor nominal. A diferena entre o custo de aquisio e o valor nominal dos ttulos, que constitui o prmio ou desconto verificado aquando da compra, amortizado de modo escalonado pelo perodo que decorre at data de vencimento, por contrapartida de resultados. Os juros corridos so relevados em proveitos e apresentados na respectiva conta de Proveitos a receber. A especializao dos juros efectuada numa base mensal, tendo por base o valor nominal e a taxa de juro aplicvel ao perodo. As Obrigaes do Tesouro em moeda nacional indexadas ao Dlar dos Estados Unidos, adquiridos a clientes encontram-se registadas de acordo com a Directiva n. 2/DSB/2004, de 01 de Abril, do Banco Nacional de Angola, o qual estabelece que o custo de aquisio deve ser registado em Kwanzas e actualizado em funo do cmbio de referncia de indexao, sendo esta actualizao registada em conta especfica de Flutuao de valores, no afectando assim os resultados do exerccio. O mesmo procedimento de contabilizao aplicado actualizao cambial do prmio pago pelo Banco na compra dos ttulos aos clientes ou ao desconto implcito no ttulo, sendo a especializao do prmio/desconto registada por contrapartida de contas de resultados. Os juros so levados s respectivas sub contas de proveitos,
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as income over the period to their maturity. This difference, which constitutes the bank's remuneration, is recorded in adjustment accounts on the liabilities side in the item "Deferred income". Investment Securities Securities that the bank purchases with the intention of keeping for periods of more than six months are considered investment securities, it being the board's intention to hold them until they mature. Treasury bonds (fixed-yield securities) are recorded at face value. The difference between the purchase cost and face value of the securities, which constitutes the premium or discount applied at the time of purchase, is amortised stepwise over the period up to the maturity date, with a corresponding entry under results. Accrued interest is entered under income and presented in the corresponding "Income receivable" account. Interest is calculated on a monthly basis in accordance with the accrual principle, on the basis of face value and the interest rate applicable in the period. Treasury bonds in national currency indexed to the United States dollar purchased from customers are recorded in accordance with BNA Directive no. 2/DSB/2004, of 01 April, which stipulates that the purchase cost must be recorded in kwanzas and updated according to the exchange rate of reference, and that this update must be recorded in a specific "Fluctuation of values" account, so that it does not affect results for the year. The same accounting procedure is applied to exchange rate updating of the premium paid by the bank on purchases of securities from customers and to the implicit discount on the security; allocation of the premium/discount in accordance with the accrual principle is recorded with a corresponding entry in results accounts. Interest is carried to the corresponding income

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sendo a sua actualizao efectuada em funo do indexante cambial e a contabilizao registada em conta especfica de Flutuao de valores. f) Participaes As participaes financeiras encontram-se valorizadas ao custo de aquisio histrico em Kwanzas, realizado no momento da efectivao do investimento, independentemente da moeda de realizao. Face inexistncia de legislao local que enquadre o tratamento contabilstico dos investimentos em participaes financeiras no estrangeiro, o Conselho de Administrao decidiu, em relao a participao na filial no estrangeiro mais relevante (Banco BAI Europa), depois de obtida a autorizao do BNA atravs das cartas 0038/GOV/05 de 11 de Maro e 0041/GOV/05 de 14 de Maro, seguir o seguinte procedimento contabilstico: a participao financeira nesta filial, apesar de se encontrar registada ao custo histrico em Kwanzas no momento da realizao do investimento, ou seja, pelo contravalor dos Euros correspondentes ao capital prprio data de incio de actividade da filial, est a ser actualizada mensalmente (i) tendo em conta o efeito da variao do capital prprio ocorrido nessa filial e (ii) a consequente variao cambial do Euro face ao Kwanza. O efeito da actualizao do valor da participao registado por contrapartida da conta de capital prprio. g) Imobilizaes incorpreas e corpreas As imobilizaes incorpreas so constitudas essencialmente por despesas de estabelecimento e software. Estas despesas so registadas ao custo de aquisio e amortizadas linearmente ao longo de um perodo de 3 anos.

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subaccounts; it is updated according to the reference exchange rate and recorded in a specific "Fluctuation of values" account. f) Participations Financial holdings are valued at their historical purchase cost in kwanzas, determined at the moment the investment operation was carried out, independently of the currency in which the operation was carried out. In light of the non-existence of local legislation framing the accounting treatment of investments in financial participations overseas, the Board of Directors decided, in relation to the participation in the most significant overseas subsidiary (Banco BAI Europa), after obtaining authorisation from the BNA by way of letters 0038/GOV/05 of 11 March and 0041/GOV/05 of 14 March, to adopt the following accounting procedure: the financial participation in this subsidiary, although recorded at its historical cost in kwanzas at the time the investment took place, i.e. by the countervalue of the euros corresponding to the subsidiary's equity on the date it began operations, is being updated on a monthly basis (i) taking into account the effect of the change in the equity of that subsidiary and (ii) the subsequent change in the exchange rate of the euro against the kwanza. The effect of updating the value of the participation is recorded with a corresponding entry in the equity account. g) Tangible and intangible fixed assets Intangible fixed assets consist essentially of registration expenses and software. Items of this nature are recorded at purchase cost and depreciated using the straight-line method over a period of three years.

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O imobilizado corpreo encontra-se registado ao respectivo custo de aquisio reavaliado ao abrigo de disposies legais aplicveis. As imobilizaes corpreas denominadas em moeda estrangeira no tm sido reavaliados conforme definido na lei fiscal (Decreto n 6/96) para reflectir o efeito da variao do KZ em relao ao USD, pelo facto de se ter verificado uma estabilidade cambial. As amortizaes so calculadas pelo mtodo das quotas constantes, aplicando-se as taxas anuais mximas permitidas para efeitos fiscais, de acordo com os seguintes perodos, que no diferem substancialmente da vida til esperada: Nmeros de anos Edifcios e obras Obras em edifcios arrendados Equipamento informtico Viaturas de transporte terrestre Aeronaves Outras imobilizaes 50 50 4 3 5 10

h) Ttulos Garantidos BAI Os Ttulos Garantidos BAI, so certificados nominativos de depsitos transaccionveis por endosso, e podero ser subscritos por compra pelos clientes do Banco Africano de Investimentos nas seguintes moedas: Kwanza (KZ), Dlares dos Estados Unidos (US$) e Euros (). Os Ttulos Garantidos BAI so nominativos, emitidos e registados pelo preo de subscrio (valor nominal). A remunerao dos Ttulos feita de acordo com uma taxa de juro acordada consoante o montante de subscrio e o prazo de reembolso, lquida de impostos e taxas, sendo o pagamento mensal, trimestral ou anual, consoante for o caso, e postecipados.

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Tangible fixed assets are recorded at their respective purchase costs, revalued in the light of the applicable legal provisions. Foreign currency denominated tangible fixed assets have not been revalued to reflect the effect of variation of the KZ in relation to the USD, as defined in fiscal law (Decree no. 6/96), because of the exchange rate stability that prevailed. Depreciation is calculated by the straight-line method, applying the maximum annual rates permitted for tax purposes over the periods shown below, which do not differ substantially from the expected working life of the assets in question: Number of years Buildings and works Works on rented buildings Computer equipment Road vehicles Aircraft Other fixed assets 50 50 4 3 5 10

h)

BAI Guaranteed Securities BAI Guaranteed Securities are negotiable nominative deposit certificates that customers of Banco Africano de Investimentos can subscribe to (purchase) in the following currencies: kwanzas (KZ), United States dollars (US$) and euros (). BAI Guaranteed Securities are nominative and are issued and registered at their subscription price (face value). Interest is paid on the securities at a rate agreed according to the amount of the subscription and the redemption period, net of tax and duties, on a monthly, quarterly or annual basis, according to the case, and in arrears.
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O prazo mximo de reembolso de um ms, dois meses, trs meses, seis meses ou um ano, consoante o caso, sendo amortizado ao par, de uma s vez, no sendo permitido o reembolso antecipado da emisso, por iniciativa dos clientes. Os juros corridos so contabilizados na respectiva conta de custos a pagar. A especializao dos juros efectuada mensalmente, tendo por base o valor nominal e a taxa de juro aplicvel. i) Reserva para a manuteno dos fundos prprios A constituio da proviso para manuteno dos fundos prprios regulamentada pela Directiva n 01/03, de 3 de Maro, do Banco Nacional de Angola, segundo a qual as instituies financeiras podem proceder actualizao mensal do capital, reservas e resultados transitados. A reserva de reavaliao no includa neste clculo j que o activo imobilizado corpreo reavaliado ao abrigo de legislao especfica. O valor resultante desta actualizao reflectido, mensalmente, a dbito numa conta de resultados e a crdito nesta proviso do passivo. No final do exerccio, a proviso para manuteno dos fundos prprios saldada por contrapartida do capital prprio, sendo reflectida na reserva especial para manuteno dos fundos prprios (Nota 20), criada atravs da Directiva n 8/98, de 18 de Agosto, do Banco Nacional de Angola, cuja utilizao apenas permitida para aumentar o capital. j) Penses de Reforma e Sobrevivncia O Plano de Penses do BAI foi criado nos termos do Decreto n. 2/99 de 19 de Maro e regulado pelo Decreto n. 25/98 de 7 de Agosto, sendo as suas
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The maximum redemption period is one month, two months, three months, six months or one year, according to the case. Securities are redeemed at par, all at once, and early redemption of issues at the customer's initiative is not permitted. Accrued interest is recorded in the corresponding "Costs payable" account. Interest is allocated in accordance with the accrual principle on a monthly basis, on the basis of the face value and the applicable interest rate. i) Equity maintenance reserve Constitution of the equity maintenance provision is governed by BNA Directive no. 01/03, of 3 March, according to which financial institutions may update share capital, reserves and retained results at monthly intervals. The revaluation reserve is not included in this calculation as tangible fixed assets are revalued under the provisions of specific legislation.

The value resulting from this update is reflected, monthly, as a debit in a results account and as a credit in this provision on the liabilities side. At the end of the year, the equity maintenance provision is balanced out with a corresponding entry under equity, and reflected in the special reserve for maintenance of equity (Note 20) created by way of BNA Directive no. 8/98, of 18 August, which may be used only to increase the share capital.

j)

Retirement and Surviving-Relative Pensions The BAI pension plan was created within the terms of Decree no. 2/99 of 19 March and is governed by Decree no. 25/98 of 7 August; its provision

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prestaes complementares as do Sistema de Segurana Social institudo pela Lei n. 18 de 27 de Outubro de 1990 (Lei da Segurana Social). Para isso foi constitudo um Fundo de penses que est a ser integralmente financiado pelo prprio Banco e a ser gerido pela AAA Penses. De acordo com o Plano de Penses e o estudo actuarial obtido data de 31 de Dezembro de 2007, este plano de benefcios concebido na forma de benefcios definidos, apresentando carcter geral e assegurando: A Penso de Reforma por Velhice, na forma de renda vitalcia, em doze pagamentos por ano, e devida a partir dos 60 anos de idade, desde que o participante conte com pelo menos 6 anos de servio contnuo; A Penso de Reforma Antecipada, na forma de renda vitalcia, em doze pagamentos por ano, e devida a partir dos 55 anos de idade, desde que o participante tenha completado o mnimo de 30 anos de servio contnuo; e O Subsdio por Morte, aos familiares e beneficirios, concebida na forma de pagamento nico, independentemente da verificao da elegibilidade e prazo de garantia.

O estudo actuarial obtido, actualizado data de 31 de Dezembro de 2007, quantifica os montantes respeitantes s responsabilidades por servios passados, tendo em considerao os benefcios anteriormente referidos e os pressupostos actuarias expressos na nota 31. O custo do servio corrente considerado como custos do exerccio (nota 26) respeita ao valor indicado no estudo actuarial elaborado com referncia ao ano de 2006. As responsabilidades com servios passados apurados a 31 de Dezembro de 2007, no montante de USD 8 256 Milhares tm estado a ser reconhecidos em resultados - custos de exerccios anteriores de acordo com a autorizao do Banco Nacional de Angola, a qual permite o diferimento destes custos por um perodo de 10 anos (notas 13, 29 e 31).

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is complementary to that of the Social Security System established by Law no. 18 of October 27, 1990 (the Social Security Law). To this end a pension fund has been set up which is being wholly financed by the bank itself and managed by AAA Penses. According to the pension plan and the actuarial study obtained as at 31 December 2007, this benefits plan is designed in the form of defined benefits. It is general in nature and offers: The old age retirement pension, in the form of a life annuity, in twelve annual payments, is payable from the age of 60, provided the participant has at least six years of continuous service; The early retirement pension, in the form of a life annuity, in twelve annual payments, is payable from the age of 55, provided the participant has completed at least 30 years of continuous service; and Bereavement grant, in the form of a one-off payment to family members and beneficiaries, independently of eligibility and guarantee period.

The actuarial study obtained, updated to 31 December 2007, quantifies amounts in respect of liabilities for past service, bearing in mind the benefits outlined above and the actuarial assumptions expressed in note 31. The cost of current service considered as a cost for the year (note 26) relates to the figure indicated in the actuarial study produced with reference to 2006. Liabilities for past service calculated as at 31 December 2007, in the amount of USD 8,256,000, have been recognised in results - costs from previous years, in accordance with the authorisation from the National Bank of Angola, which permits deferral of such costs for a period of 10 years (notes 13, 29 and 31).
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k) Provises para riscos bancrios diversos Riscos Diversos Destina-se a suportar os potenciais encargos decorrentes de processos judiciais em curso, contingncias fiscais e outras perdas, no sendo estas provises passveis de aceitao fiscal, excepto quando h autorizao especfica da Administrao Fiscal, a qual permite a aceitao parcial de algumas das provises constitudas em 2004 e ainda no utilizadas. Activos Dados em Garantia Esta proviso destina-se a cobrir risco de crdito de operaes concedidas pela Filial BAI Europa, e para as quais o Banco presta cauo atravs de depsitos. Para clculo do montante de proviso foram utilizados os critrios descritos na alnea b) da nota 4, considerando-se as garantias prestadas como se tivessem sido concedidas pelo Banco, no mbito da sua actividade.

l)

Imposto industrial O imposto industrial do exerccio determinado com base na taxa de 35% sobre o valor total dos resultados antes de impostos, apurados no perodo e expressos na demonstrao de resultados, acrescido dos custos fiscalmente no aceites e deduzidos de benefcios fiscais obtidos, conforme legislao aplicvel em Angola (notas 17 e 33). As declaraes fiscais esto sujeitas a reviso e correco por parte das autoridades fiscais durante um perodo de 5 anos podendo resultar, devido a diferentes interpretaes da legislao fiscal, eventuais correces ao lucro tributvel dos exerccios de 2003 a 2007. No entanto, no previsvel que qualquer correco relativa aos exerccios acima referidos venha a ocorrer e, caso tal ocorra, no so esperados impactos significativos nas demonstraes financeiras anexas.

180

Demonstraes Financeiras

k) Provisions for Sundry Banking Risks Sundry Risks These provisions are intended to bear potential costs arising from legal cases in progress, fiscal contingencies and other losses. They are not acceptable for fiscal purposes, except as regards the specific authorisation from the tax authorities permitting partial acceptance of certain of the provisions set up in 2004 and not yet used. Assets Given as Guarantee This provision is intended to cover credit risk on lending operations by the BAI Europa subsidiary for which the bank provides a guarantee by way of deposits. The value of the provisions was calculated using the criteria described in subparagraph b) of note 4, and the guarantees given were treated as if they had been granted by the bank in the context of its business.

l)

Industrial Tax Industrial tax for the year is calculated on the basis of a rate of 35% of the total value of pre-tax results determined in the period and expressed in the income statement, plus costs not fiscally accepted, minus tax breaks obtained, in accordance with legislation applicable in Angola (notes 17 and 33).

181

Financial Statements

Tax returns are subject to review and correction by the tax authorities for a period of five years and this could potentially give rise, as a result of divergent interpretations of fiscal legislation, to corrections to taxable profits in the years 2003 to 2007. Nevertheless, no correction in relation to the aforementioned years is foreseeable and, should any such correction be made, no significant impact on the attached financial statements is expected.

5. Caixa e Disponibilidades no Banco Central


Esta rubrica tem a seguinte composio: 31-Dez-07 Milhares de KZ Caixa Depsitos no Banco Central 13 475 389 24 380 118 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 179 617 324 969 11 605 870 8 848 794 31-Dez-06 Milhares de USD 144 561 110 220

O saldo da rubrica Depsitos no Banco Central constitudo por depsitos ordem em moeda nacional que visam satisfazer as exigncias de reservas mnimas obrigatrias do Banco Nacional de Angola. De acordo com o previsto no Instrutivo n 04/2007 de 30 de Agosto, do Banco Nacional de Angola, as reservas obrigatrias so exigidas em moeda nacional, devendo ser mantidas durante todo o perodo a que se referem. Os respectivos montantes so actualizados semanalmente atravs da aplicao de uma percentagem de 15% sobre os passivos elegveis. Estes depsitos no so remunerados.

6. Disponibilidades sobre Instituies de Crdito


Esta rubrica apresenta a seguinte composio 31-Dez-07 Milhares de KZ Disponibilidades sobre Instituies de Crdito no Pas Cheques a cobrar 118 295 Disponibilidades sobre Instituies de Crdito no Estrangeiro Depsitos ordem 16 721 364 Cheques a cobrar 47 350 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

1 577 222 883 631

87 178 22 910 945 33 169

1 086 285 376 413

182

Demonstraes Financeiras

5. Cash and equivalent at central bank


This item has the following breakdown: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Cash Deposits at central bank 13 475 389 24 380 118 179 617 324 969 11 605 870 8 848 794 144 561 110 220

The balance on the item "Deposits at Central Bank" consists of demand deposits in national currency for the purpose of meeting the compulsory minimum reserve requirements of the National Bank of Angola. In accordance with the provisions of BNA Instruction no. 04/2007 of 30 August, compulsory reserves are required in national currency and must be maintained throughout the period to which they refer. The corresponding amounts are updated on a weekly basis by applying a ratio of 15% to eligible liabilities. No interest is paid on these deposits.

6. Deposits with credit institutions


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Cash at credit institutions in Angola Cheques awaiting collection Deposits with foreign credit institutions Demand deposits Cheques for collection

118 295 16 721 364 47 350

1 577 222 883 631

87 178 22 910 945 33 169

1 086 285 376 413


Financial Statements

183

O saldo da rubrica Cheques a cobrar sobre Instituies de Crdito no Pas corresponde a cheques sacados por terceiros sobre outras instituies monetrias residentes, os quais, em geral, no permanecem nesta conta por mais de um dia til. Os Depsitos ordem sobre instituies de crdito no estrangeiro englobam os saldos das contas junto dos bancos correspondentes, inserindo-se estes montantes na gesto da actividade corrente do Banco.

7. Outros Crditos Sobre Instituies de Crdito


Esta rubrica tem a seguinte composio: 31-Dez-07 Milhares de KZ Aplicaes em outras Instituies de Crdito no pas Aplicaes em outras instituioes de crdito Aplicaes no Banco Central Aplicaes em outras Instituies de Crdito no estrangeiro Em outras instituies de crdito 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

2 390 690 183 430 97 239 277

31 866 2 445 1 296 126

0 276 292 74 629 301

0 3 441 929 574

O montante expresso na rubrica Aplicaes em Outras Instituies de Crdito no Pas, refere-se a operaes de cedncias de liquidez realizadas com bancos sedeados em Angola cujo prazo residual de maturidade inferior a 91 dias. O valor expresso na rubrica Aplicaes no Banco Central referente ao valor das operaes cambiais em Dlares dos Estados Unidos, cujo contravalor em Kwanzas foi debitado pelo Banco Nacional de Angola e este debitou aos clientes, mas cujo crdito no Banco correspondente no foi feito pelo BNA. O BNA j reconheceu o valor em dvida aguardando-se pela sua liquidao.
Demonstraes Financeiras

184

The balance on the item Cheques awaiting collection from credit institutions in Angola corresponds to cheques drawn by third parties on other resident monetary institutions which, in general, do not remain in this account for more than one working day. Demand deposits with foreign credit institutions comprise balances on accounts with correspondent banks; these amounts relate to management of the bank's day-to-day business.

7. Other credits with credit institutions


This item has the following breakdown: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Investments with other credit institutions in Angola Investments with other credit institutions Investments with the Central Bank Investments with foreign credit institutions With other credit institutions

2 390 690 183 430 97 239 277

31 866 2 445 1 296 126

0 276 292 74 629 301

0 3 441 929 574

The amount shown in the item "Investments with other national credit institutions" refers to operations with a residual period to maturity of less than 91 days granting liquidity to banks with headquarters in Angola. The figure shown under the heading "Investments with the Central Bank" refers to the value of foreign exchange operations in U.S. dollars, the countervalue of which in kwanzas has been debited by the National Bank of Angola and for which the central bank has debited customers, but which has not been credited to the correspondent bank by the BNA. The BNA has already recognised the amount owing and settlement is awaited.
Financial Statements

185

O montante registado em Aplicaes em Instituies de Crdito estrangeiras reflecte fundamentalmente os depsitos a prazo efectuados pelo Banco com vista sua melhor rentabilizao, assim como os montantes afectos a contas colaterais no mbito das linhas de crdito. Em 31 de Dezembro de 2007, os depsitos a prazo em outras instituies de crdito no estrangeiro apresentavam a seguinte estrutura, por prazos residuais de vencimento e por moeda: 31-Dez-07 Milhares de KZ Em Euros At 3 meses De 3 meses a 1 ano Em Dlares dos Estados Unidos At 3 meses De 3 meses a 1 ano Em Rands At 3 meses Milhares de USD

7 562 139 116 440 87 247 196 2 225 770 87 732

100 798 1 552 1 162 939 29 668 1 169

8. Crditos sobre Clientes


Esta rubrica tem a seguinte composio: 31-Dez-07 Milhares de KZ Crdito interno Crdito e juros vencidos
Demonstraes Financeiras

31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 824 207 26 625 (15 462) 33 048 875 2 223 346 (1 451 645)

31-Dez-06 Milhares de USD 411 653 27 694 (18 082)

61 834 506 1 997 480 (1 160 022)

Proviso para riscos de crditos e juros vencidos

186

The amount recorded as "Investments with foreign credit institutions" fundamentally reflects term deposits set up by the bank with a view to achieving higher returns, along with sums assigned to collateral accounts in the context of credit lines. As at 31 December 2007, the structure of term deposits with foreign credit institutions, according to residual maturity and currency, was as follows:

31-Dec-07 Thousands of KZ In Euros Up to 3 months Three months to 1 year In USD Up to 3 months Three months to 1 year In Rands Up to 3 months Thousands of USD

7 562 139 116 440 87 247 196 2 225 770 87 732

100 798 1 552 1 162 939 29 668 1 169

8. Loans and Advances to Customers


This item has the following breakdown:

31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD National credit Overdue credit and interest Provision for overdue credit and interest risk 61 834 506 1 997 480 (1 160 022) 824 207 26 625 (15 462) 33 048 875 2 223 346 (1 451 645) 411 653 27 694 (18 082)
Financial Statements

187

A definio de crdito interno e crdito ao exterior feita de acordo com a classificao entre residente cambial (crdito interno) e no residente cambial (crdito ao exterior). O Banco no pode, por fora da lei, conceder crdito ao exterior. De acordo com a regulamentao do BNA, encontram-se includos na rubrica de crdito sobre clientes os montantes de crdito vincendo e crdito e juros vencidos. semelhana do sucedido no exerccio passado, o crdito sobre clientes continuou a registar nveis de crescimento altos, atingindo os 98% em 2007 (48% em 2006) em USD. Este aumento deriva principalmente do crdito concedido actividade comercial e projectos de investimento, indicativo do franco desenvolvimento em que se encontra a economia angolana e a valorizao do Kwanza (KZ). Reala-se igualmente o crescimento em outros produtos de crdito, como o crdito salrio, que aumentou em 102% durante o perodo em anlise. A constituio de provises especficas para crditos e juros vencidos segue o critrio descrito na alnea b) da nota 4.

188

Demonstraes Financeiras

The distinction between national lending and overseas lending is made according to the classification between resident for foreign exchange purposes (national lending) and non-resident for foreign exchange purposes (overseas lending). By law, the bank is not permitted to lend overseas. According to BNA rules, credit outstanding and credit and interest overdue are included in loans and advances to customers. As in the previous year, "loans and advances to customers" continued to expand rapidly, by 98% in 2007 (48% in 2006) in USD. This increase derived mainly from lending for commercial activity and investment projects and is indicative of robust growth in the Angolan economy and kwanza (KZ) appreciation. It is also worth noting the growth in other credit products, such as wage credit, which increased by 102% during the period in question.

Specific provisions for overdue credit and interest are set up in accordance with the criterion described in subparagraph b) of note 4.

189

Financial Statements

A composio da carteira de crdito vencido a seguinte: 31-Dez-07 Milhares de KZ Crdito interno - MN Ao sector pblico empresarial Adiant. a depositantes A empresas Crd. Conta corrente Adiant. a depositantes Emprstimos Outros crditos A particulares Crd. Conta corrente Adiant. a depositantes Emprstimos Crdito interno - ME Ao sector pblico administrativo Adiant. a depositantes Emprstimos Ao sector pblico empresarial Emprstimos Outros crditos A empresas Emprstimos Outros crditos A particulares Emprstimos Outros crditos 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

581 181 840 8 461 841 185 999 516

8 2 424 11 199 120 6 152 905 442 46 609

234 126 325 427 746 2 691 988 0 0 32 130 59 327

3 1 573 5 328 33 532 0 0 400 739

67 928 33 159 3 496 715

74 0 532 063 1 780 942 22 905 788 24 636 578 6 865 630 22 507

1 0 7 092 23 739 305 317 328 387 91 514 300

80 401 417 42 379 967 132 10 808 058 9 864 721 7 625 731 1 606

1 5 000 528 12 046 134 624 122 874 94 985 20

190

Demonstraes Financeiras

The breakdown of the portfolio of credit falling due is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD National credit - DC To the public corporate sector Advances to depositors To companies Current account cred. Advances to depositors Loans Other credits To individuals Current account cred. Advances to depositors Loans National credit - FC To the public administrative sector Advances to depositors Loans To the public corporate sector Loans Other credits To companies Loans Other credits To individuals Loans Other credits

581 181 840 8 461 841 185 999 516

8 2 424 11 199 120 6 152 905 442 46 609

234 126 325 427 746 2 691 988 0 0 32 130 59 327

3 1 573 5 328 33 532 0 0 400 739

67 928 33 159 3 496 715

74 0 532 063 1 780 942 22 905 788 24 636 578 6 865 630 22 507

1 0 7 092 23 739 305 317 328 387 91 514 300

80 401 417 42 379 967 132 10 808 058 9 864 721 7 625 731 1 606

1 5 000 528 12 046 134 624 122 874 94 985 20

191

Financial Statements

A composio da carteira de crdito e juros vencidos por moeda e por classes apresenta-se como se segue: 31-Dez-07 Milhares de KZ Crdito e Juros Vencidos Capital vencido - moeda nacional Classe I Classe II Classe III Capital vencido - moeda estrangeira Classe I Classe II Classe III Juros vencidos - moeda nacional Juros vencidos Classe I Classe II Juros vencidos - moeda estrangeira Juros vencidos Classe I Classe II 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

114 297 12 542 1 809

1 523 167 24

391 0 22 589

5 0 281

535 354 88 970 692 675

7 136 1 186 9 233

437 011 163 568 816 875

5 443 2 037 10 176

2 077 752 3 254

28 10 43

3 21 0

0 0 0

5 759 1 156 55 294

77 15 737

941 1 087 72 958

12 14 908

Adiantamento a depositantes - Empresas Adiantamento a depositantes - Particulares

290 130 193 410

3 867 2 578

533 929 173 971

6 651 2 167

192

Demonstraes Financeiras

The breakdown of the portfolio of overdue credit and interest by currency and by class is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Overdue credit and interest Overdue capital - national currency Class I Class II Class III Overdue capital - foreign currency Class I Class II Class III Overdue interest - national currency Overdue interest Class I Class II Overdue interest - foreign currency Overdue interest Class I Class II

114 297 12 542 1 809

1 523 167 24

391 0 22 589

5 0 281

535 354 88 970 692 675

7 136 1 186 9 233

437 011 163 568 816 875

5 443 2 037 10 176

2 077 752 3 254

28 10 43

3 21 0

0 0 0

5 759 1 156 55 294

77 15 737

941 1 087 72 958

12 14 908

Advances to depositors - Companies Advances to depositors - Individuals

290 130 193 410

3 867 2 578

533 929 173 971

6 651 2 167

193

Financial Statements

A composio da carteira de crdito por moeda e por prazo de maturidade seguinte: 31-Dez-07 Milhares de KZ Em moeda nacional At trs meses De trs meses a um ano De um ano a cinco anos Mais de cinco anos Durao indeterminada 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

941 856 344 640 3 803 676 753 0

12 554 4 594 50 700 10 0

2 2 806 314 71 323 0 120 894

0 34 955 888 0 1 507

Em moeda estrangeira At 3 meses De 3 meses a um ano De um ano a cinco anos Mais de cinco anos Durao indeterminada

27 620 8 736 555 34 386 764 13 592 642 0

368 116 452 458 350 181 180 0

0 7 079 604 17 722 057 4 902 726 345 954

88 220 61 4

0 183 744 068 308

Em 31 de Dezembro de 2007 e 2006, as provises para riscos de crdito e juros vencidos apresentam-se como se segue: 31-Dez-07 31-Dez-06 Milhares de KZ Milhares de USD Milhares de KZ Milhares de USD Capital e juros vencidos At 3 meses Mais de 3 meses e at 6 meses Mais de 6 meses e at 1 ano Mais de 1 ano Adiantamento a depositantes 173 982 566 327 434 2 386 741 2 750 5 138 6 445 103 922 708 473 485 1 273 744 2 858 5 723 8 483

Demonstraes Financeiras

28 55 206 385

21 59 229 459

483 540

680 954

194

The breakdown of the credit portfolio by currency and by maturity is shown below:

31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD In national currency Up to three months Three months to one year One to five years More than five years Indeterminate duration

941 856 344 640 3 803 676 753 0

12 554 4 594 50 700 10 0

2 2 806 314 71 323 0 120 894

0 34 955 888 0 1 507

In foreign currency Up to three months Three months to one year One year to five years More than five years Indeterminate duration

27 620 8 736 555 34 386 764 13 592 642 0

368 116 452 458 350 181 180 0

0 7 079 604 17 722 057 4 902 726 345 954

88 220 61 4

0 183 744 068 308

As at 31 December 2007 and 2006, provisions for overdue credit and interest risks were as follows: 31-Dec-07 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Overdue capital and interest Up to 3 months More than 3 months and up to 6 months More than 6 months and up to 1 year More than 1 year Advances to depositors 173 982 566 327 434 2 386 741 2 750 5 138 6 445 103 922 708 473 485 1 273 744 2 858 5 723 8 483

483 540

680 954

195

Financial Statements

28 55 206 385

21 59 229 459

9. Obrigaes e Outros Ttulos e Ttulos de Investimento


Esta rubrica apresenta a seguinte composio: Taxas de Juro mdia 31-Dez-07 31-Dez-06 Ttulos de Negociao - MN Obrigaes Especiais Ttulos do Banco Central 31-Dez-07 31-Dez-06 Milhares de KZ Milhares de USD Milhares de KZ Milhares de USD

4,00% 12,93%

0 6,50%

212 836 22 247 250

2 837 296 539

0 16 584 546

0 206 575

Ttulos de Negociao - ME Obrigaes do tesouro

7,99% 7,99%

6,42% 6,42%

3 758 652 3 758 652

50 100 50 100

80 283 80 283

1 000 1 000

Ttulos de Investimento - MN Obrigaes Especiais 8,32% Obrigaes do Tesouro - Nova vida 7,30% Ttulos de Investimento - ME Obrigaes do Tesouro Notas Promissrias BPN Cayman

0 0

4 118 566 1 007 569

54 897 13 430

0 0

0 0

8,32% 4,77%

4,00% 5,10%

8 825 606 2 623 735

117 639 34 972

4 042 969 2 511 924

50 359 31 288

A carteira de negociao constituda por Obrigaes especiais em moeda nacional adquiridas no mercado secundrio, no mbito da regularizao de dvidas pblicas a empresas nacionais e por Obrigaes em moeda estrangeira, adquiridas em mercado primrio, inseridas no mbito do financiamento de projectos rodovirios, emisso liderada pelo BAI e pelo BESA, cujo objectivo det-la a curto/mdio prazo antes da sua maturidade.
Demonstraes Financeiras

196

9. Bonds and other securities and investment securities


The breakdown of this item is as follows: Average interest rates 31-Dec-07 31-Dec-06 31-Dec-07 31-Dec-06 Thousand of KZ Thousand of USD Thousand of KZ Thousand of USD Negotiable securites - DC Special bonds Central Bank securities

4,00% 12,93%

0 6,50%

212 836 22 247 250

2 837 296 539

0 16 584 546

0 206 575

Negotiable securites - FC Treasury bonds

7,99% 7,99%

6,42% 6,42%

3 758 652 3 758 652

50 100 50 100

80 283 80 283

1 000 1 000

Investment securites - DC Special bonds Treasury bonds - Nova vida Investment securites - FC Treasury bonds Promissory notes BPN Cayman

8,32% 7,30%

0 0

4 118 566 1 007 569

54 897 13 430

0 0

0 0

8,32% 4,77%

4,00% 5,10%

8 825 606 2 623 735

117 639 34 972

4 042 969 2 511 924

50 359 31 288

The negotiable securities portfolio is made up of special bonds in national currency acquired on the secondary market, in the context of settlement of public debts to national companies, and foreign currency bonds, purchased in the primary market in the context of an issue led by BAI and BESA to finance road projects. The bank's intention is to hold them in the short/medium term before they reach maturity.

197

Financial Statements

A carteira de ttulos de investimento constituda por Obrigaes especiais em moeda nacional adquiridas no mercado secundrio e primrio no mbito de financiamento de empresas privadas e pblicas e por obrigaes em moeda estrangeira adquiridas no mbito de financiamento de projectos rodovirios e projectos de reconstruo nacional, operaes lideradas pelo BAI e por bancos nacionais. Em ttulos de investimento inclui-se ainda uma nota promissria adquirida no mercado internacional, no montante de EUR 23 807 milhares, emitida pelo BPN Cayman, inserindo-se esta na estratgia de investimentos do Banco. O objectivo desta nota promissora a obteno de uma melhor rentabilizao das disponibilidades em bancos correspondentes. Em 31 de Dezembro de 2007, os ttulos em carteira apresentavam a seguinte estrutura, de acordo com os prazos residuais de vencimento: Milhares de KZ At 3 meses De 3 meses a 1 ano De 6 meses a 1 ano Mais de 1 ano 22 047 250 200 000 235 814 19 447 520 Milhares de USD 293 2 3 259 873 666 143 221

198

Demonstraes Financeiras

The investment securities portfolio is made up of special bonds in national currency acquired on the secondary and primary markets in the context of financing private and public companies, and by foreign currency bonds acquired in the context of operations led by BAI and by national banks to finance road projects and national reconstruction projects. Also included in investment securities is a promissory note in the amount of EUR 23,807,000, issued by BPN Cayman, acquired on the international market as part of the bank's investment strategy. The objective of this promissory note is to obtain better returns on deposits with correspondent banks.

As at 31 December 2007, the structure of portfolio securities according to residual maturity was as follows: Thousands of KZ Up to 3 months Three to 6 months Six months to 1 year More than 1 year 22 047 250 200 000 235 814 19 447 520 Thousands of USD 293 2 3 259 873 666 143 221

199

Financial Statements

10. Participaes
Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Participaes financeiras no pas Participaes financeiras no estrangeiro 488 715 1 871 822 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 6 948 23 223 106 341 1 871 822 31-Dez-06 Milhares de USD 1 970 23 223

As participaes financeiras detidas inserem-se na estratgia de investimentos definida pelo Banco, e resumem-se a:
Participadas Sede Actividade Econmica Moeda Capital % Participao Valor da participao em KZ 20 2 14 86 14 351 1 525 65 281 465 947 733 990 732 162 370 136 316 Valor da participao em USD 320 150 750 1 000 139 4 589 19 134 792 3 297

EMIS AAA Penses AAA Seguros NOSSA Bolsa de Valores e Derivativos de Angola Novo Banco Banco BAI Europa BISTP BPN Brasil

Luanda Luanda Luanda Luanda Luanda Luanda Lisboa S. Tom S. Paulo

Servios Bancrios Soc. Gestora de Fundos Penses Seguros Seguros Servios Servios Servios Servios Servios Financeiros Bancrios Bancrios Bancrios Bancrios

KZ KZ KZ KZ KZ KZ EUR SDT BRL

31 429 85 970 92 633 517.027 1.343.000 391.058 17 500 12 546 000 50 000

4,45% 5% 5% 16,67% 0,95% 85,72% 99,99% 25% 20%

200

Demonstraes Financeiras

Durante o exerccio o Banco Africano de Investimentos adquiriu participaes no Novo Banco e na Bolsa de Valores e Derivativos de Angola inserindo se as mesmas na sua estratgia de expanso.

10. Participations
The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Financial participations in Angola Financial participations overseas 488 715 1 871 822 6 948 23 223 106 341 1 871 822 1 970 23 223

Financial participations are held as part of the bank's investment strategy, and may be summarised as follows:
Companies in which participations are held EMIS AAA Penses AAA Seguros NOSSA Bolsa de Valores e Derivativos de Angola Novo Banco Banco BAI Europa BISTP BPN Brasil Head Office Luanda Luanda Luanda Luanda Luanda Luanda Lisboa S. Tom S. Paulo Economic Activity Currency Share Capital 31 429 85 970 92 633 517.027 1.343.000 391.058 17 500 12 546 000 50 000 % Participation Value of participation in Kz 20 2 14 86 14 351 1 525 65 281 465 947 733 990 732 162 370 136 316 Value of participation in USD 320 150 750 1 000 139 4 589 19 134 792 3 297

Banking Services Pension Fund Management Co. Insurance Insurance Financial Services Banking Services Banking Services Banking Services Banking Services

KZ KZ KZ KZ KZ KZ EUR SDT BRL

4,45% 5% 5% 16,67% 0,95% 85,72% 99,99% 25% 20%

In line with its expansion strategy, Banco Africano de Investimentos acquired participations in Novo Banco and in the Angolan Stock and Derivatives Market over the course of the year.
Financial Statements

201

Em 31 de Dezembro de 2007 a informao financeira provisria e no auditada convertida para milhares de USD, data de encerramento das contas do Banco, a que seguidamente se apresenta:
Participadas Moeda Activo Liquido Capital Prprio 7 571 3 985 40 394 2 563 N/A 471 274 588 977 Resultado Lquido 2 732 1 414 22 734 193 N/A (866) 2 454 700 3 066 Participao no Capital Prprio 337 199 2 020 427 N/A 832 272 647 995 Valor de Balano 320 150 750 1 000 139 4 589 19 134 792 3 297 30 171 Diferena para Valor de Balano 17 49 1 270 (573) N/A (757) 5 138 2 855 2 698 10 698

EMIS (A) AAA Penses (B) AAA Seguros (C) NOSSA (D) Bolsa de Valores e Derivativos de Angola (E) Novo Banco (D) Banco BAI Europa (D) BISTP (D) BPN Brasil (D)

USD USD USD USD USD USD USD USD USD

9 904 8 988 117 464 18 254 N/A 924 227 524 545

16 596 52 217

4 24 14 29

3 24 3 5

A diferena para o valor do balano, corresponde diferena entre o valor da participao registado nas nossas contas em 31 de Dezembro de 2007, em conformidade com a alnea f) da nota 4 e o valor correspondente participao no capital prprio da participada. (A) (B) (C) (D) (E) Demonstraes Demonstraes Demonstraes Demonstraes Demonstraes Financeiras Financeiras Financeiras Financeiras Financeiras no auditadas a 31 de Dezembro de 2007 a 31 de Dezembro de 2005 a 30 de Junho de 2007 a 31 de Dezembro de 2007 no disponveis

202

Demonstraes Financeiras

As at 31 December 2007, provisional, unaudited financial information for companies in which the bank has a stake, converted into USD, as at the date the bank's accounts were closed, was as shown below:
Companies in which participations are held EMIS (A) AAA Penses (B) AAA Seguros (C) NOSSA (D) Bolsa de Valores e Derivativos de Angola (E) Novo Banco (D) Banco BAI Europa (D) BISTP (D) BPN Brasil (D) Currency Net Assets Equity Net Result Participation in Equity 337 199 2 020 427 N/A 832 272 647 995 Balance sheet value 320 150 750 1 000 139 4 589 19 134 792 3 297 30 171 Difference from balance sheet value 17 49 1 270 (573) N/A (757) 5 138 2 855 2 698 10 698

USD USD USD USD USD USD USD USD USD

9 904 8 988 117 464 18 254 N/A 924 227 524 545

7 571 3 985 40 394 2 563 N/A 471 274 588 977

2 732 1 414 22 734 193 N/A (866) 2 454 700 3 066

16 596 52 217

4 24 14 29

3 24 3 5

The difference from balance sheet value corresponds to the difference between the value of the participation recorded in our accounts as at 31 December 2007, in conformity with subparagraph f) of note 4, and the value corresponding to the stake in the equity of the company in question. (A) (B) (C (D) (E) Unaudited financial statements as at 31 December 2007 Financial statements as at 31 December 2005 Financial statements as at 30 June 2007 Financial statements as at 31 December 2007 Financial statements not available

203

Financial Statements

11. Imobilizado
Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Imobilizaes incorpreas Despesas de constituio Custos Plurianuais Software Amortizaes acumuladas Despesas de constituio Custos Plurianuais Software 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

138 94 598 708 361

( 0) 1 185 9 484

139 0 457 104

158 0 6 248

137 17 344 401 421

0 215 5 600

138 0 271 396

154 0 4 051

31-Dez-07 Milhares de KZ Imobilizaes corpreas Imveis de servios prprios Equipamento Patrimnio artstico Outras imobilizaes corpreas Amortizaes acumuladas Imveis de servios prprios Equipamento Patrimnio artstico Outras imobilizaes corpreas

31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ

31-Dez-06 Milhares de USD

4 346 497 2 919 308 14 452 43 052 7 323 309 276 605 1 590 309 0 5 730

57 936 38 912 193 574 97 614 3 687 21 198 0 76

3 906 501 2 559 320 14 452 22 965 6 503 238 203 805 1 212 628 86 3 168

48 115 31 675 178 283 80 251 2 478 15 207 1 39

Demonstraes Financeiras

Imobilizaes em curso

204

11. Fixed assets


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Intangible fixed assets Formation expenses Pluriannual costs Software Accumulated depreciation Formation costs Pluriannual costs Software

138 94 598 708 361

( 0) 1 185 9 484

139 0 457 104

158 0 6 248

137 17 344 401 421

0 215 5 600

138 0 271 396

154 0 4 051

31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Tangible fixed assets Buildings for own use Equipament Art collection Other tangible fixed assets Accumulated depreciation Buildings for own use Equipament Art collection Other tangible fixed assets

4 346 497 2 919 308 14 452 43 052 7 323 309 276 605 1 590 309 0 5 730

57 936 38 912 193 574 97 614 3 687 21 198 0 76

3 906 501 2 559 320 14 452 22 965 6 503 238 203 805 1 212 628 86 3 168

48 115 31 675 178 283 80 251 2 478 15 207 1 39


Financial Statements

Fixed assets in progress

205

O movimento acumulado do imobilizado a 31 de Dezembro de 2007 em Kwanzas e em USD encontra-se detalhado nos Anexos A e B. O incremento verificado no imobilizado corpreo resultante da transferncia de bens de imobilizado em curso relativo abertura de novas agncias e na continuidade desse investimento. No exerccio findo em 31 de Dezembro de 2007, no se procedeu a reavaliao do imobilizado corpreo (ver nota 20) devido variao da taxa de cmbio do KZ relativamente ao USD no ter justificado.

12. Outros Activos


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Devedores e outras aplicaes Devedores residentes - MN Devedores residentes - ME Adiantamentos e suprimentos 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

17 302 555 821 57 966

215 4 868 670

24 832 173 703 54 022

309 1 948 620

Em 31 de Dezembro de 2007 o saldo da rubrica de Devedores e outras aplicaes em moeda estrangeira inclui KZ 463 536 milhares (2006: KZ 62 874 milhares), equivalentes a USD 4 175 milhares (2006: USD 772 milhares) respeitantes a operaes pendentes de reconciliao no mbito da linha de crdito (AKA) entre o Ministrio das Finanas e o Governo Alemo.
Demonstraes Financeiras

206

Details of the cumulative change in fixed assets as at 31 December 2007, in kwanzas and in USD, are shown in Appendices A and B. The increase in tangible fixed assets is the result of the transfer of fixed assets in progress in connection with the opening of new branches and the continuation of that investment. In the year ended 31 December 2007, there was no revaluation of tangible fixed assets (see note 20) as none was warranted by the change in the exchange rate of the KZ against the USD.

12. Other assets


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Debtors and other investments Resident debtors - DC Resident debtors - FC Advances and non-repayable shareholder loans

17 302 555 821 57 966

215 4 868 670

24 832 173 703 54 022

309 1 948 620

As at 31 December 2007 the balance on the item "Debtors and other foreign currency investments" includes KZ 463,536,000 (2006: KZ 62,874,000), equivalent to USD 4,175,000 (2006: USD 772,000) in respect of operations awaiting reconciliation in the context of the credit line (AKA) between the ministry of finance and the German government.

207

Financial Statements

Os suprimentos registados correspondem a valores no montante de USD 105 milhares (2006: USD 112 milhares) entregues em 2003 e 2004 participada EMIS, os quais visaram cumprir o plano de capitalizao deliberado pela empresa. Estes suprimentos encontram-se registados como prestaes suplementares nas demonstraes financeiras da participada, de forma a manter o capital prprio positivo. A estes adiantamentos acrescem-se valores que totalizam KZ 49 520 milhares, ou seja, USD 565 milhares, (2006: USD 514 milhares) respeitantes a adiantamentos por conta do pagamento de despesas de constituio de um fundo de investimentos de capital de risco (FIPA), cujo processo de participao est em fase de aprovao.

13. Contas de Regularizao Activas


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Proveitos a receber: Aplicaes Interbancrias Crdito concedido Titulos em carteira Despesas com custos diferidos: Seguros Rendas e alugueres Campanhas de publicidade Diversos Outras contas de regularizao Prmios/descontos com operaes swap Fundo de maneio Falhas de caixa Material de escritrio e impressos Outras operaes activas a regularizar 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

598 028 403 120 563 250

7 971 5 373 7 508

626 531 240 791 42 507

7 805 2 999 529

42 285 19 449

303 943 393 100

564 3 811 258 5 986

49 234 8 349

447 520 614 156

616 2 921 107 4 349

208

Demonstraes Financeiras

2 21 139 449 612

0 003 754 624 383 764

0 27 290 1 861 5 990 8 168

8 1 16 126 118 271

659 720 156 183 923 642

108 21 201 1 572 1 481 3 384

The capital contributions recorded correspond to amounts totalling USD 105,000 (2006: USD 112,000) injected into EMIS in 2003 and 2004 for the purpose of implementing that company's capitalisation plan. These capital contributions are recorded as supplementary contributions in EMIS's financial statements so as to keep its equity positive. On top of these advances are amounts totalling KZ 49,520,000, i.e. USD 565,000, (2006: USD 514,000) in respect of advances on account of payment of the formation costs of a venture capital investment fund, the participation process for which is currently at the approval stage.

13. Adjustment accounts - assets


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Income receivable: Interbank investments Lending Portfolio securities Deferred costs: Insurance Rents and leases Advertising campaigns Sundry Other adjustment accounts Premiums/discounts on swaps Working capital Cash shortfalls Office materials and printed materials Other operations to be adjusted - assets

598 028 403 120 563 250

7 971 5 373 7 508

626 531 240 791 42 507

7 805 2 999 529

42 285 19 449

303 943 393 100

564 3 811 258 5 986

49 234 8 349

447 520 614 156

616 2 921 107 4 349

2 21 139 449 612

0 003 754 624 383 764

0 27 290 1 861 5 990 8 168

8 1 16 126 118 271

659 720 156 183 923 642

108 21 201 1 572 1 481 3 384


Financial Statements

209

Os montantes referentes aos ttulos em carteira reflectem os fluxos financeiros futuros, mais especificamente juros e outros proveitos corridos relacionados com obrigaes do tesouro em moeda nacional e estrangeira e ttulos do banco central. A variao ocorrida nesta rubrica resulta do aumento da actividade do banco no mercado monetrio e na subscrio de um maior nmero de obrigaes do tesouro. Em 31 de Dezembro de 2007 e 2006, as Despesas com custos diferidos incorporam montantes relativos a especializaes diversas relativas a seguros, campanhas de publicidade e rendas e alugueres e outros, os quais incluem KZ 178 724 milhares correspondentes a USD 2 382 milhares referentes ao diferimento das responsabilidades passadas com penses de reforma e sobrevivncia, conforme detalhado nas notas 17, 29 e 31, as quais foram feitas de acordo com a alnea j) da nota 4.

14. Recursos de outras Instituies de Crdito e Depsitos


Recursos de outras instituies de crdito 31-Dez-07 Milhares de KZ Recursos de instituies de crdito no pas 945 000 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 12 596 1 200 000 31-Dez-06 Milhares de USD 14 947

O Banco toma fundos de outras instituies de crdito no pas, essencialmente para fazer face a necessidades espordicas de liquidez em Kwanzas. O montante que se encontra registado em 31 de Dezembro de 2007, corresponde a uma tomada realizada no mercado monetrio interbancrio, o qual o Banco paga uma taxa de juro de 17,85%.

210

Demonstraes Financeiras

The amounts shown for portfolio securities reflect future financial flows, more specifically accrued interest and other income on national and foreign currency treasury bonds and Central Bank securities. The change in this item is due to the fact that the bank was more active in the money market and subscribed to a greater number of treasury bonds. As at 31 December 2007 and 2006, "Deferred costs" incorporate amounts in relation to sundry allocations in accordance with the accrual concept in respect of insurance, advertising campaigns and rents and leases and others, which include KZ 178,724,000 (corresponding to USD 2,382,000) in relation to the deferral of past liabilities for retirement and surviving-relative pensions, as described in detail in notes 17, 29 and 31, in accordance with subparagraph j) of note 4.

14. Resources of other credit institutions and deposits


Resources of other credit institutions 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Resources from credit institutions in Angola 945 000 12 596 1 200 000 14 947

The bank takes funds from other credit institutions in Angola, essentially to meet occasional requirements for liquidity in kwanzas. The amount recorded as at 31 December 2007 corresponds to funds obtained on the interbank money market, on which the bank pays an interest rate of 17.85%.

211

Financial Statements

Depsitos Em 31 de Dezembro de 2007 e 2006 os recursos de outras entidades apresentam a seguinte composio: 31-Dez-07 Milhares de KZ Depsitos vista - Residentes Em moeda nacional Sector pblico administrativo Sector pblico empresarial Empresas Particulares Em moeda estrangeira Sector pblico administrativo Sector pblico empresarial Empresas Particulares Depsitos ordem de No Residentes - MN Depsitos ordem de No Residentes - ME Total de Depsitos Ordem Depsitos a prazo - Residentes Em moeda nacional Sector pblico administrativo Sector pblico empresarial Empresas Particulares Em moeda estrangeira Sector pblico administrativo Sector pblico empresarial Empresas Particulares Depsitos a prazo de No Residentes - MN Depsitos a prazo de No Residentes - ME Total de Depsitos a Prazo 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

6 3 20 8 11 42 81 26

464 708 720 143

864 862 636 136 940 488 447 607 299 953

86 49 276 108 149 572 1 087 348 1 13

172 436 190 542 100 031 539 635 444 569

2 4 10 4 1 27 58 11

442 938 192 210 102 735 183 976 4 383

271 403 541 771 396 253 331 040 211 720

30 61 126 52 13 345 724 149

421 512 957 449

185 915 590 155 108 1 017

731 467 725 172 52 4 780

337 998 591 1 994 950 184 058 108 311 4 374 2 611 325 971 807 877 0 48 706

4 505 8 26 591 2 453 1 4 58 34 444 158 313 814 0 649

286 250 282 78

898 600 871 900

3 574 3 121 3 523 983 4 57 55 15 155 547 234 358 0 224

212

Demonstraes Financeiras

333 568 4 620 038 4 434 409 1 233 006 0 17 967

Deposits As at 31 December 2007 and 2006 the breakdown of resources of other entities is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Sight deposits - residents In national currency Public administrative sector Public corporate sector Companies Individuals In foreign currency Public administrative sector Public corporate sector Companies Individuals Demand deposits of non-residents - DC Demand deposits of non-residents - FC Total demand deposits Term deposits - residents In national currency Public administrative sector Public corporate sector Companies Individuals In foreign currency Public administrative sector Public corporate sector Companies Individuals Term deposits of non-residents - DC Term deposits of non-residents - FC Total term deposits

6 3 20 8 11 42 81 26

464 708 720 143

864 862 636 136 940 488 447 607 299 953

86 49 276 108 149 572 1 087 348 1 13

172 436 190 542 100 031 539 635 444 569

2 4 10 4 1 27 58 11

442 938 192 210 102 735 183 976 4 383

271 403 541 771 396 253 331 040 211 720

30 61 126 52 13 345 724 149

421 512 957 449

185 915 590 155 108 1 017

731 467 725 172 52 4 780

337 998 591 1 994 950 184 058 108 311 4 374 2 611 325 971 807 877 0 48 706

4 505 8 26 591 2 453 1 4 58 34 444 158 313 814 0 649

286 250 282 78

898 600 871 900

3 574 3 121 3 523 983 4 57 55 15 155 547 234 358 0 224


Financial Statements

333 568 4 620 038 4 434 409 1 233 006 0 17 967

213

A composio da carteira de depsitos por maturidades apresenta-se como se segue: 31-Dez-07 Milhares de KZ Em moeda nacional At 3 meses De 3 meses a um ano 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

40 536 359 1 127 035

540 319 15 023

22 644 028 43 438

282 051 541

Em moeda estrangeira At 3 meses De 3 meses a um ano De um ano a cinco anos Mais de 5 anos

165 787 304 3 904 003 611 848 17 965

2 209 820 52 038 8 155 239

104 475 664 5 246 461 278 461 19 142

1 301 337 65 350 3 468 238

Durante o exerccio as taxas de juro dos Depsitos a prazo em Kwanzas variaram entre os 3% e os 5% para as maturidades de um ms at um ano enquanto que para os Depsitos a prazo em USD as taxas de juro variaram entre os 2% e os 3,5% para as mesmas maturidades.

15. Responsabilidades Representadas por Ttulos


O saldo desta rubrica, no montante de KZ 32 787 974 milhares, equivalentes a USD 437 039 milhares, dizem respeito a aplicaes de clientes representadas por Certificados de depsitos, os quais se apresentam denominados em moeda nacional e moeda estrangeira, conforme descrito na alnea h) da nota 4. A remunerao destes
Demonstraes Financeiras

214

The breakdown of the deposits portfolio by maturity is as shown below:

31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD In national currency Up to 3 months Three months to 1 year

40 536 359 1 127 035

540 319 15 023

22 644 028 43 438

282 051 541

In foreign currency Up to 3 months Three months to 1 year One year to 5 years More than 5 years

165 787 304 3 904 003 611 848 17 965

2 209 820 52 038 8 155 239

104 475 664 5 246 461 278 461 19 142

1 301 337 65 350 3 468 238

Over the course of the year, interest rates on term deposits in kwanzas varied between 3% and 5% for maturities of between one month and one year, while interest rates on term deposits in USD ranged between 2% and 3.5% for the same maturities.

15. Securitised liabilities


The balance on this item, in the amount of KZ 32,787,974,000, equivalent to USD 437,039,000, relates to customer investments represented by deposit certificates, which are denominated in national and foreign currency, as described in subparagraph h) of note 4. Remuneration on these BAI Guaranteed Securities

215

Financial Statements

Ttulos Garantidos BAI est indexada s taxas de juro dos ttulos transaccionados no mercado local, quando em moeda nacional e a ttulos internacionais, quando em moeda estrangeira. As operaes registadas apresentam maturidades at um ano. Durante o exerccio as taxas de juro dos ttulos garantidos BAI em Kwanzas variaram entre os 3,5% e os 6,19% para as maturidades de um ms at um ano enquanto que para os ttulos garantidos BAI em USD variaram entre os 3,5% e os 4,6% para as maturidades de trs meses at um ano e para os ttulos garantidos BAI em Euros variaram entre os 3,3% e os 3,90% para as maturidades de seis meses at um ano. 31-Dez-07 Milhares de KZ 32 787 974 32 787 974 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 437 039 437 039 32 600 608 32 600 608 31-Dez-06 Milhares de USD 406 069 406 069

Responsabilidade por ttulos Certificados de depsitos / Ttulos Garantidos BAI

16. Outros Recursos


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Recursos vinculados a operaes cambiais Cheques visados Cheques e ordens a pagar - MN Cheques e ordens a pagar - ME 689 776 26 51 392 790 812 296 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 9 189 10 354 357 684 580 646 75 173 516 229 029 916 31-Dez-06 Milhares de USD 7 231 8 049 935 2 166

216

Demonstraes Financeiras

is indexed to the interest rates on securities traded on the local market, when in national currency, and to those on international securities, when in foreign currency. The operations recorded have maturities of up to one year. During the year, interest rates on BAI guaranteed securities in kwanzas ranged between 3.5% and 6.19% for maturities of between one month and one year, while those on BAI guaranteed securities in USD ranged between 3.5% and 4.6% for maturities of three months to one year and those on BAI guaranteed securities in Euros ranged between 3.3% and 3.90% for maturities of six months to one year. 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD 32 787 974 32 787 974 437 039 437 039 32 600 608 32 600 608 406 069 406 069

Securitised liabilities Deposit certificates / BAI Guaranteed Securities

16. Other resources


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Resources linked to foreign exchange operations Certified cheques Cheques and payment orders - DC Cheques and payment orders - FC 689 776 26 51 392 790 812 296 9 189 10 354 357 684 580 646 75 173 516 229 029 916 7 231 8 049 935 2 166

217

Financial Statements

Em 31 de Dezembro de 2007 e 2006 a rubrica Recursos vinculados a operaes cambiais representa o valor cativo de clientes em moeda estrangeira para fazer face abertura de cartas de crdito (CDI) e emisso de ordens de pagamento em moeda estrangeira. A cobertura do risco cambial da responsabilidade dos clientes.

17. Outros Passivos


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Impostos s/ operaes bancrias Tributao s/ remuneraes Recebimentos por conta de terceiros Proviso p/ imposto industrial Credores Outras exigibilidades 960 337 901 627 785 174 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 13 444 25 38 956 2 010 21 623 195 2 455 1 267 1 177 936 144 707 1 684 100 31-Dez-06 Milhares de USD 2 31 16 14 672 1 802 20 977

33 1 2 922 150 1 622

O saldo da conta de Proviso para imposto industrial foi calculado de acordo com o referido na alnea l), da nota 4, e equivalente a uma taxa legal de imposto de 35% (nota 33). A conta de Credores engloba valores a pagar a clientes resultantes do processo de anlise e regularizao de reconciliaes bancrias, conforme referido na nota 7, ascendendo estes montantes a KZ 78 293 milhares, equivalentes a USD 1 044 milhares.

218

Demonstraes Financeiras

As at 31 December 2007 and 2006 the item "Resources linked to foreign exchange operations represents the amount held from customers in foreign currency to meet the cost of opening letters of credit (CDI) and issuing payment orders in foreign currency. Customers are responsible for covering exchange rate risk.

17. Other liabilities


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Tax on banking operations Tax on earnings Receipts on behalf of third parties Provision for industrial tax Creditors Other payables 960 337 901 627 785 174 13 444 25 38 956 2 010 21 623 195 2 455 1 267 1 177 936 144 707 1 684 100 2 31 16 14 672 1 802 20 977

33 1 2 922 150 1 622

The balance on the account "Provision for industrial tax" was calculated in the manner described in subparagraph l) of note 4, and is equivalent to the legal tax rate of 35% (note 33). The "Creditors" account includes amounts payable to customers as a result of the process of analysis and settlement of bank reconciliations, as described in note 7; such amounts total KZ 78,293,000, equivalent to USD 1,044,000.

219

Financial Statements

A conta Outras exigibilidades inclui o montante de KZ 1 051 165 milhares equivalentes a USD 14 011 milhares, relativos a dividendos dos exerccios de 2003 e 2004, os quais aguardam que o Banco proceda a concluso do processo de pedido de autorizao ao Banco Nacional de Angola, sendo expectativa da administrao do Banco que se proceda ao respectivo pagamento no decurso do exerccio de 2008. Nesta conta, encontra-se ainda registado o montante de KZ 552 775 milhares (USD 7 368 milhares), valores a entregar ao Fundo de Penses para fundeamento das responsabilidades com servios passados, penses em pagamento e servios correntes at Dezembro de 2007 (2006: USD 6 753 milhares).

18. Contas de Regularizao Passivas


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Custos a pagar De recursos alheios De custos administrativos Receitas com proveito diferido De aplicaes De operaes extrapatrimoniais Outras contas de regularizao Sobras de caixa Operaes passivas a regularizar Outros proveitos e custos em suspenso Outras contas de controlo e ligao 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

598 471 396 825 565 618 16 035 10 026 0 0 27

7 977 5 289 7 539 214 134 0 0 0

335 482 46 659 450 320 3 659 6 57 366 65 115 093 108 399

4 179 581 5 609 46 76 712 4 561 815

220

Demonstraes Financeiras

The "Other payables" account includes the sum of KZ 1,051,165,000 (equivalent to USD 14,011,000) in relation to dividends for the years 2003 and 2004 awaiting completion by the bank of the process of seeking authorisation from the National Bank of Angola; the bank's board expects that they will be paid in the course of 2008. Also recorded in this account is the amount of KZ 552,775,000 (USD 7,368,000), payable to the pension fund to fund liabilities for past service, pension payments and current service to December 2007 (2006: USD 6,753,000).

18. Adjustment accounts - liabilities


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Costs payable Third party resources Administrative costs Deferred income Investments Off-balance sheet operations Other adjustment accounts Cash surpluses Operations to be adjusted - liabilities Other suspended income and costs Other control and liaison accounts

598 471 396 825 565 618 16 035 10 026 0 0 27

7 977 5 289 7 539 214 134 0 0 0

335 482 46 659 450 320 3 659 6 57 366 65 115 093 108 399

4 179 581 5 609 46 76 712 4 561 815

221

Financial Statements

A conta custos a pagar respeita a juros a liquidar sobre depsitos de clientes e ttulos garantidos BAI, assim como a especializao de outros custos administrativos. A conta de Receitas com proveitos diferidos respeita fundamentalmente especializao lquida de descontos/prmios da carteira de ttulos de negociao e investimento, conforme referida na alnea e) da nota 4.

19. Provises para Riscos e Encargos


Esta rubrica apresenta a seguinte composio: Riscos gerais de crdito Milhares de KZ Saldo em 31/12/06 Dotaes - (nota 28) Anulaes - (nota 28) Saldo em 31/12/07 1 043 192 2 430 480 (651 224) 368 428 0 0 1 411 620 2 430 480 (651 224) Riscos bancrios Total

Riscos gerais de crdito Milhares de USD Saldo em 31/12/06 Dotaes - (nota 28) Anulaes - (nota 28) Diferenas cambiais Saldo em 31/12/07 12 993 31 829 (8 528) 0

Riscos bancrios

Total

4 590 0 0 0

17 583 31 827 (8 528) 1 650

222

Demonstraes Financeiras

The item "Costs payable" refers to interest payable on customer deposits and BAI guaranteed securities, along with allocation of other administrative costs in accordance with the accrual concept. The "Deferred income" account relates essentially to net allocation of discounts/premiums on the portfolio of negotiable and investment securities in accordance with the accrual concept, as described in subparagraph e) of note 4.

19. Provisions for risks and liabilities


The breakdown of this item is as follows: General credit risks Thousands of KZ Balance as at 31/12/06 Transfers - (Note 28) Cancellations - (Note 28) Balance as at 31/12/07 1 043 192 2 430 480 (651 224) 368 428 0 0 1 411 620 2 430 480 (651 224) Banking risks Total

General credit risks Thousands of USD Balance as at 31/12/06 Transfers - (Note 28) Cancellations - (Note 28) Exchange rate differences Balance as at 31/12/07 12 993 31 829 (8 528) 0

Banking risks

Total

4 590 0 0 0

17 583 31 827 (8 528) 1 650

223

Financial Statements

O movimento da Proviso para crdito e juros vencidos o seguinte: Crdito e juros vencidos Milhares de KZ Saldo em 31/12/06 Dotaes - (nota 28) Anulaes - (nota 28) Utilizaes Saldo em 31/12/07 (nota 8) 1 451 645 1 486 162 (1 106 599) (671 186) Crdito e juros vencidos Milhares de USD 18 082 19 809 (14 750) (7 679) Total

18 082 19 809 (14 750) (7 679)

A constituio de Provises para riscos gerais de crdito segue o critrio descrito na alnea b) da nota 4. Para o exerccio findo em 31 de Dezembro 2007 a taxa aplicada foi de 3%. A proviso para riscos bancrios insere-se na avaliao actual e prudente do risco ainda subjacente ao trabalho de anlise e recuperao que o Banco substancialmente concluiu no exerccio de 2005 e que visa cobrir o risco de eventuais perdas decorrentes de saldos no conciliveis e de valores a aguardar cobrana que venham a ser recebidos durante o exerccio de 2008.

20. Capital Prprio


O movimento de capital e reservas o seguinte: Saldo em 31-12-2006 3 572 610 0 1 393 557 667 083 2 582 919 (47 260) 3 539 036 0 Regular/ Transf. 0 353 904 707 807 0 2 477 325 0 (3 539 036) 0 Saldo em 31-12-2007 3 572 610 193 135 2 101 364 667 083 5 060 244 (47 260) 0 5 859 722

Em Milhares de KZ Capital Social Fundo Social Reservas Legal Reservas reaval. Imobilizado Outras Reservas Livres Outras Reservas Aces Resultados Exerccio 2006 Resultados Exerccio 2007

Aumentos 0 0 0 0 0 0 0 5 859 722

Diminuio 0 (160 768) 0 0 0 0 0 0

224

Demonstraes Financeiras

The change in the provision for overdue credit and interest is as follows: Overdue credit and interest Thousands of KZ Balance as at 31/12/06 Transfers - (note 28) Cancellations - (note 28) Uses Balance as at 31/12/07 (note 8) 1 451 645 1 486 162 (1 106 599) (671 186) Overdue credit and interest Thousands of USD 18 082 19 809 (14 750) (7 679) Total

18 082 19 809 (14 750) (7 679)

Provisions for general credit risks are set up in accordance with the criterion described in subparagraph b) of note 4. For the year ended 31 December 2007 the rate applied was 3%. The provision for banking risks is made in the context of ongoing and prudent assessment of the risk still underlying the task of analysis and recovery that the bank substantially completed in 2005. It is designed to cover the risk of any losses that may occur as a consequence of balances that cannot be reconciled and amounts awaiting collection that might not be received in the course of 2008.

20. Equity
The change in equity and reserves was as follows: Balance as at 31-12-2006 3 572 610 0 1 393 557 667 083 2 582 919 (47 260) 3 539 036 0 Adjust./ Transf. 0 353 904 707 807 0 2 477 325 0 (3 539 036) 0 Balance as at 31-12-2007 3 572 610 193 135 2 101 364 667 083 5 060 244 (47 260) 0 5 859 722

In thousands of KZ Share Capital Social Fund Legal Reserves Reval. Fixed Assets Reserves Other Reserves Free Other Reserves Shares Result for the year 2006 Result for the year 2007

Increases 0 0 0 0 0 0 0 5 859 722

Decrease 0 (160 768) 0 0 0 0 0 0

225

Financial Statements

Em Milhares de USD Capital Social Fundo Social Reservas Legal Outras Reservas Livres Outras Reservas Aces Reservas reexpresso Resultados Exerccio 2006 Resultados Exerccio 2007

Saldo em 31-12-2006 44 500 0 18 208 35 937 (585) 3 691 44 082 0

Aumentos 0 0 0 0 0 5 369 0 78 106

Diminuio 0 (2 004) 0 0 0 0 0 0

Regular/ Transf. 0 4 409 8 816 30 857 0 0 (44 082) 0

Saldo em 31-12-2007 44 500 2 405 27 025 66 795 (585) 9 060 0 78 106

Actualmente, o capital social composto por 4 450 000 aces de valor nominal equivalente a USD 10, estando o mesmo totalmente realizado. Este capital , no entanto, denominado em Kwanzas, no montante de AKZ 3 572 610 milhares, considerando-se para o efeito, o cmbio de fecho. A Assembleia Geral de Accionistas, de 27 de Abril de 2007, deliberou a no distribuio de dividendos pelos accionistas, tendo em conta o reforo dos fundos prprios, e definiu que 20% dos resultados lquidos do ano de 2006 deveriam ser acrescidos s reservas legais, 70% s reservas livres e 10% constituio de um fundo social. Os Fundos Prprios Regulamentares do Banco, que incluem o resultado lquido a 31 de Dezembro de 2007, ascendem a KZ 17 546 818 milhares, equivalentes a USD 233 886 milhares convertidos taxa de cmbio de encerramento constante da nota 3. O Rcio de Solvabilidade Regulamentar, calculado para o mesmo exerccio, de 11,87%, percentagem que se encontra acima do limite de solvabilidade mnima exigida pelo Banco Nacional de Angola (>10%) _

226

Demonstraes Financeiras

In thousands of USD Share Capital Social Fund Legal Reserves Other Reserves Free Other Reserves Shares Reexpression reserves Result for the year 2006 Result for the year 2007

Balance as at 31-12-2006 44 500 0 18 208 35 937 (585) 3 691 44 082 0

Increases 0 0 0 0 0 5 369 0 78 106

Decrease 0 (2 004) 0 0 0 0 0 0

Adjust./ Transf. 0 4 409 8 816 30 857 0 0 (44 082) 0

Balance as at 31-12-2007 44 500 2 405 27 025 66 795 (585) 9 060 0 78 106

The bank's share capital is currently made up of 4,450,000 shares with a face value equivalent to USD 10, and is paid up in full. This share capital is nevertheless denominated in kwanzas, in the amount of AKZ 3,572,610,000; the closing exchange rate is used for this purpose. With a view to bolstering the bank's equity, on 27 April 2007 the Shareholders' Meeting decided not to distribute dividends to the shareholders, and resolved that 20% of the 2006 net result should be allocated to legal reserves, 70% to free reserves and 10% used to set up a social fund.

The bank's regulatory equity, which includes the net result as at 31 December 2007, amounts to KZ 17,546,818,000, equivalent to USD 233,886,000 converted at the closing exchange rate shown in note 3. The regulatory solvency ratio, calculated for the same year, is 11.87%, a figure higher than the minimum solvency threshold required by the National Bank of Angola (>10%) _

227

Financial Statements

A estrutura accionista do Banco em 31 de Dezembro de 2007, a seguinte: 31-12-2007 N aces 378 311 289 241 222 222 222 222 222 222 1 894 250 500 250 175 500 500 500 500 500 500 825

% Sonangol Holding Arcinella Assets Sforza Properties Gabela Establishment Amer Com International Dabas Management Limited Mrio Ablio R. M. Palhares Theodore Jameson Giletti A. B. L. Limited Lobina Anstalt Outros 8,50% 7,00% 6,50% 5,42% 5,00% 5,00% 5,00% 5,00% 5,00% 5,00% 42,58%

Valor no Capital 3 3 2 2 2 2 2 2 2 2 18 782 115 892 411 225 225 225 225 225 225 948 500 000 500 750 000 000 000 000 000 000 250

Durante o ano de 2007 foi consumado o processo de alienao das aces prprias do Banco, que totalizavam 8,95%, em conformidade com a autorizao do BNA com referncia 732/DSI/06, de 27 de Dezembro. Dando cumprimento ao n. 3, do artigo 446 da Lei n. 1/04 de 13 de Fevereiro, a qual enquadra o Cdigo das Sociedades Comerciais, as detenes de capital por parte de membros dos rgos sociais a seguinte: Accionistas Paula Gray Theodore Gilleti
Demonstraes Financeiras

Cargo Vice-Presidente Administrador

Aquisio Valor Nominal Valor Nominal

N Aces 111 250 222 500

% Participao 2,50% 5,00%

228

The bank's shareholder structure as at 31 December 2007 was as follows: 31-12-2007 No. shares 378 311 289 241 222 222 222 222 222 222 1 894 250 500 250 175 500 500 500 500 500 500 825

% Sonangol Holding Arcinella Assets Sforza Properties Gabela Establishment Amer Com International Dabas Management Limited Mrio Ablio R. M. Palhares Theodore Jameson Giletti A. B. L. Limited Lobina Anstalt Outros 8,50% 7,00% 6,50% 5,42% 5,00% 5,00% 5,00% 5,00% 5,00% 5,00% 42,58%

Capital stake 3 3 2 2 2 2 2 2 2 2 18 782 115 892 411 225 225 225 225 225 225 948 500 000 500 750 000 000 000 000 000 000 250

The process of disposing of the bank's own shares, which totalled 8.95%, was completed in 2007 in conformity with BNA authorisation reference 732/DSI/06, of 27 December. In compliance with paragraph no.3 of article 446 of Law no. 1/04 of 13 February framing the Commercial Companies Code, it is hereby stated that the shareholdings held by members of the company institutions were as follows: Shareholders Paula Gray Theodore Gilleti Position Vice-Presidente Administrador Acquisition Valor Nominal Valor Nominal No. shares 111 250 222 500 % Participation 2,50% 5,00%

229

Financial Statements

21. Juros e Proveitos Equiparados


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Aplicaes Interbancrias: Disponibilidade sobre IC no Estrangeiro Aplicaes em ICs nacionais Aplicaes em ICs estrangeiro Crdito concedido: Crdito Credito e Ttulos Vencidos Titulos em carteira: Ttulos Outras Aplicaes 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

389 653 90 369 4 055 461

5 103 1 184 53 112

439 998 7 129 2 279 059

5 477 90 28 367

3 697 050 37 851

48 418 496

2 923 086 17 102

36 382 213

3 071 383 0

40 224 0

1 176 386 8 297

14 642 103

O aumento em resultados de Juros de Aplicaes em instituies de crdito no estrangeiro resulta de uma gesto mais activa dos activos mantidos junto dos seus correspondentes e de uma melhoria das taxas de juro internacionais relativamente ao perodo homlogo. Os juros de crdito interno reflectem a remunerao respeitante ao perodo de todos os crditos concedidos, sendo o montante relativo a crdito vencido referente a juros de crdito em mora suportados pelos clientes e decorrentes do atraso na liquidao dos compromissos de crdito.

230

Demonstraes Financeiras

21. Interest and equivalent income


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Interbank investments: Deposits with foreign CIs Investments with national CIs Investments with foreign CIs Lending: Credit Overdue credit and interest Portfolio securities : Securities Other investments

389 653 90 369 4 055 461

5 103 1 184 53 112

439 998 7 129 2 279 059

5 477 90 28 367

3 697 050 37 851

48 418 496

2 923 086 17 102

36 382 213

3 071 383 0

40 224 0

1 176 386 8 297

14 642 103

The increase in proceeds from interest on investments with foreign credit institutions is the result of more active management of assets kept with the bank's correspondents and an improvement in international interest rates in relation to the year-earlier period. Interest on national credit reflects yields in the period on all the bank's lending; the amount shown in relation to overdue credit refers to penalty interest paid by customers as a consequence of lateness in meeting their credit commitments.

231

Financial Statements

Nos exerccios findos em 31 de Dezembro de 2007 e 2006, a rubrica juros e proveitos equiparados de Ttulos inclui, respectivamente, os montantes de KZ 537 337 milhares (USD 7 038 milhares) e KZ 1 616 412 milhares (USD 20 134), relativos a juros obtidos de Obrigaes do Tesouro e em Bilhetes do Tesouro emitidos pelo Estado Angolano, os quais gozam de iseno fiscal, conforme referido na nota 33.

22. Juros e Custos Equiparados


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Recursos de Instituies de Crdito: Juros de disponibilidades s/ ICs no estrangeiro - ME Juros de recursos de ICs no Pas Juros de recursos de ICs no estrangeiro 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

0 92 342 5 635

0 1 209 74

127 13 461 32 600

2 168 406

Recursos de clientes: Juros de depsitos

701 025

9 181

1 690 779

21 044

Titulos de dvida emitidos: Responsabilidades representadas por ttulos

1 826 491

23 921

768 325

9 563

O aumento verificado na rubrica de ttulos da dvida explicado pelo aumento das responsabilidades por ttulos do Banco e das taxas de juros.
Demonstraes Financeiras

232

In the years ended 31 December 2007 and 2006, the item "Interest and equivalent income on securities" includes amounts of KZ 537,337,000 (USD 7,038,000) and KZ 1,616,412,000 (USD 20,134,000) respectively in relation to interest earned on treasury bonds and treasury bills issued by the Angolan State, which are tax-exempt, as described in note 33.

22. Interest and equivalent costs


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Resources from credit institutions: Interest on deposits of foreign CIs - FC Interest on resources of CIs in Angola Interest on resources of foreign CIs

0 92 342 5 635

0 1 209 74

127 13 461 32 600

2 168 406

Customers' resources: Interest on deposits

701 025

9 181

1 690 779

21 044

Debt securities issued: Securitised liabilities

1 826 491

23 921

768 325

9 563

The increase in the item "debt securities" is attributable to the increase in the bank's securitised liabilities and higher interest rates.

233

Financial Statements

23. Comisses
Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ 8 1 283 462 391 37 276 182 313 109 626 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 108 16 805 6 055 5 122 493 18 925 328 163 181 737 442 319 877 102 31-Dez-06 Milhares de USD 233 519 087 039 254

Comisses Recebidas Operaes com ttulos Em operaes cambiais De garantias prestadas De Compromissos a terceiros De servios bancrios prestados

11 4 2 2

O saldo da rubrica operaes cambiais registou um aumento de USD 5.286 milhares que fundamentalmente explicado por uma reviso em alta das comisses das ordens de pagamento, no segundo semestre do ano de 2007. Este aumento coincidiu com o perodo em que se regista maior volume de operaes devido actividade de importao de bens e mercadorias. 31-Dez-07 Milhares de KZ 83 305 75 036 158 341 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 1 091 983 2 074 93 269 48 170 141 439 31-Dez-06 Milhares de USD 1 160 600 1 760

Comisses Pagas Por compromissos para com terceiros Por servios bancrios prestados

234

Demonstraes Financeiras

O saldo da rubrica de comisses pagas decorre, fundamentalmente, de comisses pagas a correspondentes por conta de linhas de crdito e confirmao de operaes de crditos documentrios.

23. Commissions
The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD 8 1 283 462 391 37 276 182 313 109 626 108 16 805 6 055 5 122 493 18 925 328 163 181 737 442 319 877 102 233 519 087 039 254

Fees received Securities operations On foreign exchange operations On guarantees given On commitments to third parties For banking services provided

11 4 2 2

The balance on the item "foreign exchange operations" recorded an increase of USD 5.286 thousand which is fundamentally attributable to an upward revision of commissions on payment orders in the second half of 2007. This increase coincided with the period when the volume of operations is at its highest because of imports of goods and merchandise. 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD 83 305 75 036 158 341 1 091 983 2 074 93 269 48 170 141 439 1 160 600 1 760

Fees paid For commitments from third parties For banking services provided

235

Financial Statements

The balance on the item "Commissions paid" derives essentially from commissions paid to correspondents for credit lines and confirmation of documentary credit operations.

24. Resultados em Operaes Financeiras


Os resultados em operaes financeiras apresentam-se como se segue: 31-Dez-07 Milhares de KZ Lucros em operaes financeiras Reav. da posio cambial a vista - Divisas Reav. da posio cambial a vista - Notas e moedas Outros lucros em operaes financeiras 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

11 645 160 779 353 254 983

152 511 10 207 3 339

6 123 888 1 067 558 352 268

76 221 13 287 4 385

Prejuzos em operaes financeiras Reav. da posio cambial a vista - Divisas Reav. da posio cambial a vista - Notas e moedas Outros prejuizos em operaes financeiras

8 400 636 362 734 67

110 019 4 751 1

4 827 352 52 361 0

60 083 652 0

236

Demonstraes Financeiras

24. Results on financial operations


Results on financial operations were as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Gains on financial operations Reval. of foreign exchange sight position - Currencies 11 645 160 Reval. of foreign exchange sight position - Notes and coins 779 353 Other gains on financial operations 254 983

152 511 10 207 3 339

6 123 888 1 067 558 352 268

76 221 13 287 4 385

Losses on financial operations Reval. of foreign exchange sight position - Currencies Reval. of foreign exchange sight position - Notes and coins Other losses on financial operations

8 400 636 362 734 67

110 019 4 751 1

4 827 352 52 361 0

60 083 652 0

237

Financial Statements

25. Outros Proveitos e Custos


Esta rubrica tem a seguinte composio: 31-Dez-07 Milhares de KZ Outros proveitos e lucros: Despesas de expediente Venda de cheques Despesas de gesto de crdito Despesas de anlise de crdito Despesas de subscrio de produtos Despesas de emisso de garantias bancrias Outros proveitos por prest. de servios diversos Reembolso de despesas de comunicao Receitas Suplementares Outros 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

140 20 16 154 103

328 702 819 526 088 0 26 661 9 646 88 109 986

1 838 271 220 2 024 1 350 0 349 126 1 1 440 7 620

73 19 46 102

835 022 743 502 0 882 37 172 9 105 1 488 18 043

919 237 582 1 276 0 10 462 113 19 225 3 843

581 845

308 792

31-Dez-07 Milhares de KZ Outros custos e prejuzos Quotizaes Donativos Custos e prejuizos diversos

31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ

31-Dez-06 Milhares de USD

3 075 50 149 35 290

40 657 462

3 091 96 996 17 856

39 1 207 222

238

Demonstraes Financeiras

25. Other Income and Costs


This item has the following breakdown: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Other income and gains Administrative expenses Sale of cheques Credit management expenses Credit analysis expenses Product subscription expenses Expenses for issue of bank guarantees Other income from prov. of sundry services Reimbursement of communication expenses Supplementary revenue Other

140 20 16 154 103

328 702 819 526 088 0 26 661 9 646 88 109 986 581 845

1 838 271 220 2 024 1 350 0 349 126 1 1 440 7 620

73 19 46 102

835 022 743 502 0 882 37 172 9 105 1 488 18 043

919 237 582 1 276 0 10 462 113 19 225 3 843

308 792

31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Other costs and losses Subscriptions Donations Sundry costs and losses

3 075 50 149 35 290

40 657 462

3 091 96 996 17 856

39 1 207 222

239

Financial Statements

26. Custos com Pessoal


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Remunerao dos rgos de gesto Remuneraes dos empregados Encargos sociais obrigatrios Fundo de segurana social Penses de reforma Subsdio de funeral e luto Seguro de acidentes de trabalho Encargos sociais facultativos Encargos com obras sociais Outros Outros custos com pessoal 40 249 1 347 432 91 098 129 267 1 735 0 22 261 28 711 11 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 527 17 647 1 193 1 693 23 0 292 376 0 85 692 1 122 955 70 272 127 447 170 6 824 18 110 76 232 0 31-Dez-06 Milhares de USD 1 067 13 977 875 1 586 2 85 225 949 0

O nmero de trabalhadores em 31 de Dezembro de 2007 foi de 771 (31 de Dezembro de 2006: 671). O crescimento verificado deveu-se abertura de novas agncias e ao reforo de reas tcnicas dos servios centrais do Banco. A 31 de Dezembro de 2007, os rgos de gesto remunerados eram 6 (seis), menos 4 (quatro) que no exerccio anterior. Esta alterao reflecte-se num decrscimo nos custos inerentes remunerao de rgos de gesto, no valor de KZ 45 443 milhares correspondente a USD 540 milhares.

240

Demonstraes Financeiras

26. Staff costs


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Remuneration of management bodies Employee wages Compulsory welfare costs Social security fund Retirement pensions Funeral and mourning subsidy Worker compensation insurance Optional welfare costs Cost of welfare activities Other Other staff costs 40 249 1 347 432 91 098 129 267 1 735 0 22 261 28 711 11 527 17 647 1 193 1 693 23 0 292 376 0 85 692 1 122 955 70 272 127 447 170 6 824 18 110 76 232 0 1 067 13 977 875 1 586 2 85 225 949 0

The bank had 771 employees as at 31 December 2007 (31 December 2006: 671). This increase was due to the opening of new branches and to reinforcement of the technical capacity of the bank's head office. As at 31 December 2007, the management bodies had six members, four fewer than in the previous year. This change is reflected in a decrease in the costs inherent in remuneration of the management bodies in the amount of KZ 45,443,000 corresponding to USD 540,000.

241

Financial Statements

27. Fornecimentos e Servios de Terceiros


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Outros servios de terceiros Rendas e alugueres Publicidade Fornecimento de terceiros Comunicaes Deslocaes e estadias Seguros Conservao e reparao Custos c/ trabalho independente Judiciais Contencioso e Notariado 549 247 205 189 182 141 134 125 27 1 448 470 211 185 791 638 316 004 349 835 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 7 3 2 2 2 1 1 1 196 241 688 478 394 855 759 637 358 24 518 103 144 94 118 202 86 172 8 1 222 515 793 435 149 933 971 448 716 387 31-Dez-06 Milhares de USD 6 1 1 1 1 2 1 2 450 288 802 175 471 526 083 146 108 17

O aumento na rubrica de Rendas e alugueres decorre dos encargos assumidos com o arrendamento de 7 pisos de um novo edifcio para instalar servios centrais do Banco e uma dependncia, de modo a fazer face ao crescimento do Banco. O montante registado na rubrica Deslocaes e estadias refere-se ao aluguer de aeronaves, seguro de viagem e ajudas de custos ao pessoal que se deslocou para as provncias e para o exterior do pas em servio.

242

Demonstraes Financeiras

27. Third party supplies and services


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Other third party services Rents and leases Advertising Third party supplies Communications Travel and subsistence Insurance Maintenance and repairs Cost of freelance labour Legal, litigation and noteries 549 247 205 189 182 141 134 125 27 1 448 470 211 185 791 638 316 004 349 835 7 3 2 2 2 1 1 1 196 241 688 478 394 855 759 637 358 24 518 103 144 94 118 202 86 172 8 1 222 515 793 435 149 933 971 448 716 387 6 1 1 1 1 2 1 2 450 288 802 175 471 526 083 146 108 17

The increase in the item "Rents and leases" corresponds to the costs associated with renting seven storeys in a new building for the bank's head office and one branch office, to meet the requirements of the bank's expansion. The amount recorded in the item "Travel and subsistence" refers to aircraft hire, travel insurance and per diem expenses for staff who travelled to the provinces and abroad on bank business.

243

Financial Statements

Em 31 de Dezembro de 2007 e 2006, a rubrica de Outros servios de terceiros apresentava a seguinte decomposio: 31-Dez-07 Milhares de KZ 473 76 268 23 23 63 17 29 32 14 376 796 887 172 568 099 854 277 045 750 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 6 200 1 006 3 521 303 309 826 234 383 420 193 464 83 246 18 50 51 13 3 34 15 215 729 736 414 681 174 482 491 916 600 31-Dez-06 Milhares de USD 5 778 1 042 3 071 229 631 637 168 43 435 194

Outros servios de terceiros Servios especializados Informtica Segurana e Vigilncia Auditores Consultores Limpeza Outros Servios de transporte Encargos com formao de pessoal Diversos

28. Provises do Exerccio


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Para Para Para Para crdito e juros vencidos (nota 19) riscos gerais de crdito (nota 19) risco de crdito manuteno de fundos prprios (nota 20) 379 563 1 779 256 2 158 818 0 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 5 059 23 716 28 775 0 247 7 255 12 556 647 203 303 31-Dez-06 Milhares de USD 3 081 95 3 176 154

244

Demonstraes Financeiras

As at 31 December 2007 and 2006, the item "Other third party services" had the following breakdown: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD 473 76 268 23 23 63 17 29 32 14 376 796 887 172 568 099 854 277 045 750 6 200 1 006 3 521 303 309 826 234 383 420 193 464 83 246 18 50 51 13 3 34 15 215 729 736 414 681 174 482 491 916 600 5 778 1 042 3 071 229 631 637 168 43 435 194

Other third party services Specialist services Computing Security and surveillance Auditors Consultants Cleaning Other Transport services Staff training costs Sundry

28. Provisions in the year


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD For For For For overdue credit and interest (note 19) general credit risks (note 19) credit risk equity maintenance (note 20) 379 563 1 779 256 2 158 818 0 5 059 23 716 28 775 0 247 7 255 12 556 647 203 303 3 081 95 3 176 154

245

Financial Statements

As Provises para risco de crdito foram constitudas de acordo com o referido na alnea b) da nota 4. Para efeitos de clculo das provises para riscos gerais de crdito o banco adoptou a taxa de 3%, tendo resultado na constituio de proviso no montante de KZ 1 779 256 milhares (USD 23 716 milhares), justificado pelo aumento do crdito interno e do aumento do crdito por assinatura. Note-se, que em 2006, o Banco havia reduzido a taxa mxima para a proviso para risco geral de crdito de 4% (em 2005) para 3%, dando origem ao registo de uma proviso do exerccio reduzida no montante de AKZ 7 647 milhares (USD 95 milhares).

29. Resultados Extraordinrios


Esta rubrica apresenta a seguinte composio: 31-Dez-07 Milhares de KZ Ganhos extraordinrias Outros ganhos extraordinrios Mais valias - Alienao de imobilizado De exerccios anteriores Perdas extraordinrias Multas e penalizaes Menos Valias - Alienao de imobilizado Outras perdas extraordinrias De exerccios anteriores 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

7 464 7 511 97 411

98 98 1 276

0 3 663 31 728

0 46 394

575 7 459 15 557 167 895

8 98 204 2 198

1 021 12 0 192 363

13 0 0 2 394

246

Demonstraes Financeiras

Provisions for credit risk were set up as described in subparagraph b) of note 4. For the purposes of calculating provisions for general credit risk the bank adopted a rate of 3%, resulting in the constitution of a provision in the amount of KZ 1,779,256,000 (USD 23,716,000), justified by the higher level of national lending and the increase in guarantees and letters of credit. It should be noted that in 2006 the bank had reduced the maximum rate for the provision for general credit risk from 4% (in 2005) to 3%, giving rise to a provision for the year that was AKZ 7,647,000 (USD 95,000) lower.

29. Extraordinary Results


The breakdown of this item is as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Extraordinary gains Other extraordinary gains Capital gains - Disposal of fixed assets From previous years Extraordinary Losses Fines and penalties Capital losses - Disposal of fixed assets Other extraordinary losses From previous years

7 464 7 511 97 411

98 98 1 276

0 3 663 31 728

0 46 394

575 7 459 15 557 167 895

8 98 204 2 198

1 021 12 0 192 363

13 0 0 2 394

247

Financial Statements

A rubrica de Ganhos de exerccios anteriores incorpora montantes respeitantes a ganhos, decorrentes de juros de disponibilidades em outras instituies de crdito no valor de KZ 34 286 milhares (USD 457 milhares), um aumento comparativamente a 2006 no qual se registaram KZ 17 246 milhares (USD 215 milhares). A rubrica inclui tambm montantes relativos a recuperao corrente de capital e juros de crdito no valor de KZ 48 604 milhares (USD 648 milhares), montante superior aos KZ 10 974 milhares (USD 137 milhares) referentes a 2006. A conta de Perdas de exerccios anteriores incorpora custos com o fundo de penses, relativamente a imputao das responsabilidades por servios passados, no valor de KZ 46 730 milhares (USD 612 milhares), valor superior quele registado em 2006: KZ 15 935 milhares (USD 198 milhares).

248

Demonstraes Financeiras

The item "Gains from previous years" incorporates amounts relating to gains arising from interest on deposits with other credit institutions with a value of KZ 34,286,000 (USD 457,000), an increase on 2006, when the figure was KZ 17,246,000 (USD 215,000). The item also includes amounts in relation to current recovery of capital and interest on credit worth KZ 48,604,000 (USD 648,000), an amount higher than the KZ 10,974,000 (USD 137,000) recorded in 2006.

The "Losses from previous years" account incorporates pension fund costs relating to the allocation of liabilities for past service, in the amount of KZ 46,730,000 (USD 612,000), a figure higher than that recorded in 2006: KZ 15,935,000 (USD 198,000).

249

Financial Statements

30. Rubricas Extrapatrimoniais


Em 31 de Dezembro de 2007 e 2006 existiam os seguintes saldos relativos a contas extrapatrimoniais: 31-Dez-07 Milhares de KZ Garantias e outros passivos eventuais Garantias e avales prestados Crdito documentrio abertos 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 31-Dez-06 Milhares de USD

10 967 151 14 864 869

146 184 198 137

2 754 528 8 034 222

34 310 100 073

Activos dados em garantia Compromissos assumidos por terceiros Compromissos irrevogveis Por linhas de crdito irrevogveis - CP Por outros Compromissos irrevogveis

6 760 727 5 052

90 115 67

6 760 726 5 908

84 210 74

Responsabilidades por prestao de servios De depsitos e guarda de valores De cobrana de valores Outras responsabilidades por prestao de servio

75 999 025 133 399 321 603

1 013 010 1 778 4 287

40 836 756 107 079 344 153

508 658 1 334 4 287

Garantias recebidas Garantias e avales recebidos Crditos documentrios abertos

26 658 894 50 591

355 343 674

13 544 954 54 139

168 714 674

250

Demonstraes Financeiras

30. Off-balance sheet items


As at 30 December 2007 and 2006 balances on off-balance sheet accounts were as follows: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Guarantees and other contingent liabilities Guarantees given Documentary credits opened

10 967 151 14 864 869

146 184 198 137

2 754 528 8 034 222

34 310 100 073

Assets given as guarantee Commitments assumed for third parties Irrevocable commitments Irrevocable credit lines - CP Other irrevocable commitments

6 760 727 5 052

90 115 67

6 760 726 5 908

84 210 74

Liabilities for provision of services Deposit and safekeeping of securities Collection of amounts Other liabilities for provision of services

75 999 025 133 399 321 603

1 013 010 1 778 4 287

40 836 756 107 079 344 153

508 658 1 334 4 287

Guarantees received Guarantees received Documentary credits opened

26 658 894 50 591

355 343 674

13 544 954 54 139

168 714 674

251

Financial Statements

As garantias e avales prestados so operaes bancrias que no se traduzem por mobilizao de fundos por parte do Banco e esto relacionadas com garantias prestadas para suporte de operaes de importao e para execuo de contratos por parte de clientes do Banco. Os crditos documentrios so compromissos irrevogveis, por parte do Banco, por conta dos seus clientes, de pagar/mandar pagar um montante determinado ao fornecedor de uma dada mercadoria ou servio, dentro de um prazo estipulado, contra a apresentao de documentos referentes expedio da mercadoria ou prestao do servio. A condio de irrevogvel consiste no facto de no ser vivel o seu cancelamento ou alterao sem o acordo expresso de todas as partes envolvidas. Os compromissos, revogveis e irrevogveis, representam acordos contratuais para a concesso de crdito com os clientes do Banco (p.e. linhas de crdito no utilizadas) os quais, de forma geral, so contratados por prazos fixos ou com outros requisitos de expirao e, normalmente, requerem o pagamento de uma comisso. Substancialmente todos os compromissos de concesso de crdito em vigor requerem que os clientes mantenham determinados requisitos verificados aquando da contratualizao dos mesmos. No obstante as particularidades destes passivos contingentes e compromissos, a apreciao destas operaes obedece aos mesmos princpios bsicos de uma qualquer outra operao comercial, nomeadamente o da solvabilidade quer do cliente quer do negcio que lhes esto subjacentes, sendo que o Banco requer que estas operaes sejam devidamente colateralizadas quando necessrio. Uma vez que expectvel que a maioria dos mesmos expire sem ter sido utilizado, os montantes indicados no representam necessariamente necessidades de caixa futuras. A conta de Responsabilidades por prestao de servios de depsitos e guarda de valores respeita fundamentalmente a guarda de valores de clientes, nomeadamente TBCs, BTs, OTs e Ttulos Garantidos BAI e as outras responsabilidades por prestao de servios respeita ao registo da carteira FDES sob gesto do Banco.

252

Demonstraes Financeiras

Guarantees given are banking operations that do not involve mobilisation of funds on the bank's part and that relate to guarantees given to cover import operations and execution of contracts by customers of the bank.

Documentary credits are irrevocable commitments, by the bank, on behalf of its customers, to pay/instruct to pay a given sum of money to the supplier of a given merchandise or service, within a stipulated period of time, against presentation of documents referring to dispatch of the merchandise or provision of the service. Its irrevocable nature lies in the fact that it cannot be cancelled or altered without the express agreement of all the parties involved. Commitments, revocable and irrevocable, represent contractual lending agreements with customers of the bank (e.g. unused credit lines) which, generally speaking, are contracted for fixed periods of time or with other expiry requirements, and normally require payment of a fee. Substantially all outstanding lending commitments require the customers concerned to continue to meet certain requirements that were the case when the contracts in question were concluded.

Notwithstanding the specific features of these contingent liabilities and commitments, assessment of these operations obeys the same basic principles as any other commercial operation, namely solvency both of the customer and of the underlying business; where necessary the bank requires that these operations be duly collateralised. As it is to be expected that most of them will expire without having been used, the amounts indicated do not necessarily represent future cash requirements. The "Liabilities for provision of deposit services and safekeeping of securities" item relates essentially to the safekeeping of customers' securities, namely TBCs, BTs, OTs and BAI Guaranteed Securities, and "Other liabilities for provision of services" relates to registration of the FDES portfolio under the bank's management.
Financial Statements

253

31. Penses de Reforma e de Sobrevivncia


Tal como descrito na alnea j), da nota 4, o Banco assume o compromisso de atribuir aos seus colaboradores ou s suas famlias, prestaes pecunirias a ttulo de reforma por velhice, de reforma antecipada ou de sobrevivncia, nos termos acordados no contrato de constituio do Fundo de Penses BAI. Estas prestaes consistem numa percentagem, crescente em funo do nmero de anos de servio do empregado, aplicada tabela salarial negociada anualmente para o pessoal no activo. As responsabilidades do BAI com penses foram reconhecidas no exerccio findo a 31 de Dezembro de 2007, respeitando estas a um dcimo das responsabilidades passadas e totalidade do custo por servios correntes, tendo sido apuradas com base num estudo actuarial reportado data de 31 de Dezembro de 2006. A responsabilidade pela actualizao e gesto do fundo de penses do Banco Africano de Investimentos est a cargo da AAA Penses, S.A.R.L. Os principais pressupostos actuariais e financeiros utilizados no clculo das responsabilidades por penses foram os abaixo discriminados tendo a moeda de referncia e de clculo sido o Dlar dos EUA, e o cenrio econmico apresentado pela entidade gestora:

254

Demonstraes Financeiras

31. Retirement and surviving relative pensions


As described in subparagraph j) of note 4, the bank has made a commitment to make pecuniary payments to its employees or their families in the name of old age, early retirement or surviving-relative pensions, under the terms of the contract establishing the "BAI Pension Fund". These payments consist of a percentage, which increases according to the employee's length of service, applied to the wage scale negotiated annually for active personnel. BAI's liabilities for pensions were recognised in the year ended 31 December 2007. They represent a tenth of past liabilities and the totality of costs for current services, and were calculated on the basis of an actuarial study carried back to 31 December 2006. Responsibility for updating and managing the pension fund of Banco Africano de Investimentos rests with AAA Penses, S.A.R.L. The main actuarial and financial assumptions used in calculating pensions liabilities were those set out below. The currency of reference and calculation was the US dollar, and the economic scenario presented by the fund manager as shown below:

255

Financial Statements

31-Dez-07 Pressupostos Mtodo de avaliao actuarial Tbua de Mortalidade Tbua de Invalidez Tbua de mortalidade de invlido Tbua de Rotatividade /sada Tbua de Novas Entradas Taxa de Juro anual (ao ano) Taxa de Crescimento Salarial (ao ano) Taxa de Crescimento de Penses (ao ano) Data de retroactividade Data de corte Projected Unit Credit ANGV - male Not used Not used Not used Not used 4% 1% 1% 4 - Nov-97 31 - Dez-07

31-Dez-06 Pressupostos Projected Unit Credit ANGV - male Not used Not used Not used Not used 4% 1% 1% 4 - Nov-97 31 - Dez-06

Em 31 de Dezembro de 2007 e 2006, o valor actual das responsabilidades por penses de reforma e sobrevivncia de acordo com o ltimo estudo acturial como segue: 31-Dez-07 Milhares de USD Responsabilidades por servios passados Reserva de Benefcio de Reformados Custo do servio corrente Responsabilidades por servios futuros Responsabilidades por servios Totais 8 256 128 1 587 52 602 31-Dez-06 Milhares de USD 5 166 525 1 587 38 127

256

Demonstraes Financeiras

31-Dec-07 Assumptions Actuarial evaluation method Mortality table Invalidity table Mortality of invalids table Rotation / departures table New admissions table Annual interest rate (per annum) Wage growth rate (per annum) Pension growth rate (per annum) Retroactivity date Cut-off date Projected Unit Credit ANGV - male Not used Not used Not used Not used 4% 1% 1% 4 - Nov-97 31 - Dez-07

31-Dec-06 Assumptions Projected Unit Credit ANGV - male Not used Not used Not used Not used 4% 1% 1% 4 - Nov-97 31 - Dez-06

As at 31 December 2007 and 2006, the current value of liabilities for retirement and surviving-relative pensions according to the latest actuarial study is as follows: 31-Dec-07 Thousands of USD Liability for past service Retired employees' benefit reserve Cost of current service Liability for future service Total liability for service 8 256 128 1 587 52 602 31-Dec-06 Thousands of USD 5 166 525 1 587 38 127

257

Financial Statements

Em 31 de Dezembro de 2007, as responsabilidades por servios passados e por reserva de benefcio de reformados encontram-se reconhecidas no passivo pelos valores no fundeados (nota 17), conforme acordo estabelecido entre o Banco e a Sociedade Gestora para a sua liquidao parcelada no tempo. O reconhecimento em resultados das responsabilidades por servios passados e por Reserva de benefcio de reformados, encontra-se a ser efectuado anualmente em duodcimos do montante inicialmente diferido, conforme referido na alnea j) da nota 4 e expresso nas notas 13 e 29. O custo do servio corrente encontra-se reconhecido em Custos com pessoal (nota 26).

258

Demonstraes Financeiras

As at 31 December 2007, liabilities for past service and for the retired employees' benefit reserve are represented on the liabilities side of the balance sheet by the amounts not funded (note 17), as per the agreement between the bank and the fund manager for settlement thereof in instalments over time. Liabilities for past service and for the retired employees' benefit reserve are being recognised in results annually in twelfths of the amount initially deferred, as described in subparagraph j) of note 4 and expressed in notes 13 and 29. The cost of current service is recognised in staff costs (note 26).

259

Financial Statements

32. Entidades Relacionadas


Em 31 de Dezembro de 2007 e 2006 o balano e rubricas extrapatrimoniais do Banco incluem os seguintes saldos com entidades relacionadas:
Valores em milhares de KZ

31-Dez-07 Relao directa Activos: Disponibilidades sobre Instituies de Crdito Outros Crditos sobre Instituies de Crdito Participaes financeiras Crdito S/ Clientes Total do Activo Passivos: Recursos de Outras entidades Outros recursos Outros passivos Total do Passivo Relao indirecta Total

31-Dez-06 Total

12.524.460 27.574.555 2.360.537 2.597.480

3.337.315

12.524.460 27.574.555 2.360.537 5.934.795

8.874.111 29.867.863 1.978.163 3.838.255

4.050.398 0 825.769

75.731.756 276.583 -

79.782.154 276.583 825.769

66.465.772 254.446 885.167

Rubricas extrapatrimoniais: Garantias e avales recebidos Responsabilidades por prestaes de servios Total das extrapatrimoniais

888.146 421.254

947.976 1.419.938

1.836.122 1.841.192

3.153.667 666.757

Total

260

Demonstraes Financeiras

32. Related entities


As at 31 December 2007 and 2006, the bank's balance sheet and off-balance sheet accounts included the following balances with related entities:
Amounts in thousands of KZ

31-Dec-07 Direct relationship Assets: Deposits with credit institutions Other credits with credit institutions Financial participations Loans and advances to customers Total Assets Liabilities: Resources of other entities Other resources Other liabilities Total Liabilities Indirect relationship Total

31-Dec-06 Total

12.524.460 27.574.555 2.360.537 2.597.480

3.337.315

12.524.460 27.574.555 2.360.537 5.934.795

8.874.111 29.867.863 1.978.163 3.838.255

4.050.398 0 825.769

75.731.756 276.583 -

79.782.154 276.583 825.769

66.465.772 254.446 885.167

Off-balance sheet items: Guarantees received Liabilities for provision of services Total off-balance sheet items

888.146 421.254

947.976 1.419.938

1.836.122 1.841.192

3.153.667 666.757

Total

261

Financial Statements

Valores em milhares de USD

31-Dez-07 Relao directa Activos: Disponibilidades sobre Instituies de Crdito Outros Crditos sobre Instituies de Crdito Participaes financeiras Crdito S/ Clientes Total do Activo Passivos: Recursos de Outras entidades Outros recursos Outros passivos Total do Passivo Relao indirecta Total

31-Dez-06 Total

166.942 367.548 30.171 34.622

44.484

166.942 367.548 30.171 79.106

110.535 372.031 25.193 47.809

53.989 0 11.007

1.009.447 3.687 0

1.063.436 3.687 11.007

827.890 3.169 11.026

Rubricas extrapatrimoniais: Garantias e avales recebidos Responsabilidades por prestaes de servios Total das extrapatrimoniais

11.838 5.615

12.636 18.927

24.474 24.542

39.282 8.305

Total

As entidades com relao directa com o Banco so, nomeadamente, os accionistas, empresas participadas e membros dos rgos sociais do banco. So consideradas entidades com relao indirecta, os familiares directos dos membros dos rgos sociais do banco e as partes controladas por entidades com relao directa com o BAI.

262

Demonstraes Financeiras

Amounts in thousands of USD

31-Dec-07 Direct relationship Assets: Deposits with credit institutions Other credits with credit institutions Financial participations Loans and advances to customers Total Assets Liabilities: Resources of other entities Other resources Other liabilities Total Liabilities Indirect relationship Total

31-Dec-06 Total

166.942 367.548 30.171 34.622

44.484

166.942 367.548 30.171 79.106

110.535 372.031 25.193 47.809

53.989 0 11.007

1.009.447 3.687 0

1.063.436 3.687 11.007

827.890 3.169 11.026

Off-balance sheet items: Guarantees received Liabilities for provision of services Total off-balance sheet items

11.838 5.615

12.636 18.927

24.474 24.542

39.282 8.305

Total

Entities with a direct relationship with the bank are, specifically, the shareholders, companies in which the bank has a participation and members of the bank's company institutions. Direct family members of members of the bank's company institutions and parties controlled by entities with a direct relationship with BAI are considered entities with an indirect relationship.

263

Financial Statements

33. Impostos
O banco encontra-se sujeito a tributao em sede de imposto industrial nos termos da lei fiscal vigente em Angola, sendo a taxa de imposto aplicvel de 35%, na sequncia da Lei n 5/99, de 6 de Agosto. Em 31 de Dezembro de 2007 e 2006, a reconciliao entre o lucro contabilstico e o lucro para efeitos do clculo do imposto industrial como se segue: 31-Dez-07 Milhares de KZ Resultado antes de impostos Donativos excedentes aos previstos no (artigo 39) CII Multas fiscais (artigo 40) CII (nota 29) Despesas no especificadas (artigo 49) CII Ajustamentos: Benefcios fiscais em rendimentos de ttulos da dvida pblica (nota 21) Lucro tributvel Taxa nominal de imposto Imposto apurado (nota 17) 8 782 349 45 363 575 59 415 31-Dez-07 31-Dez-06 Milhares de USD Milhares de KZ 117 062 594 8 778 4 716 93 1 170 971 720 020 230 31-Dez-06 Milhares de USD 58 754 1 167 13 2 120

(537 337) 8 350 365 35%

(7 038) 111 304 35%

(1 616 412) 3 365 529 35%

(20 134) 41 920 35%

264

Demonstraes Financeiras

33. Tax
The bank is subject to industrial tax within the terms of the tax law prevailing in Angola. The applicable rate of taxation, under Law no. 5/99, of 6 August, is 35%.

As at 31 December 2007 and 2006, the reconciliation of book earnings with earnings for the purposes of calculating industrial tax was as shown below: 31-Dec-07 31-Dec-07 31-Dec-06 31-Dec-06 Thousands of KZ Thousands of USD Thousands of KZ Thousands of USD Pre-tax result Donations exceeding those foreseen in (article 39) CII (the Industrial Tax Law) Tax penalties (article 40) CII (note 29) Unspecified expenses (article 49) CII Adjustments: Tax benefits on income from public debt securities (note 21) Taxable profit Nominal tax rate Tax calculated (note 17) 8 782 349 45 363 575 59 415 117 062 594 8 778 4 716 971 93 720 1 020 170 230 58 754 1 167 13 2 120

(537 337) 8 350 365 35%

(7 038) 111 304 35%

(1 616 412) 3 365 529 35%

(20 134) 41 920 35%

265

Financial Statements

Os proveitos dos ttulos da dvida pblica emitidos pelo Estado Angolano, gozam de iseno fiscal de acordo com os Decretos ns 51/03 e 52/03 de 8 de Julho. Desta forma, na determinao do lucro tributvel dos exerccios findos em 31 de Dezembro de 2007, tais proveitos foram deduzidos da matria colectvel. Para o exerccio findo em 31 de Dezembro de 2006, o valor destes benefcios apresentam-se elevados devido ao facto de o banco ter sido autorizado pela administrao fiscal, a ttulo excepcional, a deduzir ao lucro tributvel os rendimentos de obrigaes e bilhetes do tesouro relativos aos exerccios de 2003, 2004 e 2005, em conformidade com a lei.

34. Eventos Subsequentes


No dia 29 de Dezembro de 2007, o BAI foi autorizado a emitir obrigaes de caixa no valor de USD 50 000 milhares. Esta operao foi materializada em Maro de 2008, traduzindo-se num impacto positivo na solvabilidade do Banco. Em 15 de Outubro de 2007, autorizada a licena para a constituio do BAI Cabo Verde. Prev-se que as actividades tenham o seu incio no decorrer do ano de 2008 tendo para o efeito o BAI, S.A. registado nas suas contas, em Maro de 2008, o valor desta participao financeira.

266

Demonstraes Financeiras

Income on public debt securities issued by the Angolan State is tax exempt in accordance with Decrees nos. 51/03 and 52/03 of 8 July. Thus in determining taxable earnings for the year ended 31 December 2007, such income was deducted from the total taxable amount. For the year ended 31 December 2006, the figure corresponding to these benefits is high because the bank was authorised by the tax authorities, exceptionally, to deduct yields on treasury bills and bonds for the years 2003, 2004 and 2005 from taxable earnings, in conformity with the law.

34. Subsequent events


On 29 December 2007, BAI was authorised to issue cash bonds in the amount of USD 50,000,000. This operation was carried out in March 2008 and had a positive impact on the bank's solvency. On 15 October 2007, a licence was issued for the constitution of BAI Cabo Verde. It is foreseen that it will enter operation in the course of 2008 and to this end BAI, S.A. recorded the value of this financial participation in its accounts in March 2008.

267

Financial Statements

18. Anexos 18. Appendices

A. Mapa do Imobilizado em Kwanzas


Em milhares de KZ

CONTAS

Saldo do exerccio anterior Valor Amortizaes bruto acumuladas e regularizaes

Transferncias Aumentos / Aquisies

Amortizaes do exerccio

Abates (lquido)

Saldo em 31.12.2007 Valor lquido

41. IMOBILIZAES INCORPREAS 410. Trespasses 411. Despesas de constituio 139 412. Custos plurianuais 413. Despesas de investigao e desenvolvimento 414. Sistemas de tratamento automtico de dados "Software" 457.104 419. Outras imobilizaes incorpreas 94.598 251.256 1 77.254 306.940 -

(138)

0 (17.344)

(271.396)

(130.024)

42. IMOBILIZAES CORPREAS 420. 421. 422. 428. 429. Imveis de servio prprio Equipamento Patrimnio artstico Imobilizado em locao financeira Outras imobilizaes corpreas 3.906.501 2.559.320 14.452 22.965 (203.805) (1.212.628) (86) (3.168) 70.166 267.347 131 14.024 373.252 127.534 6.000 (76.222) (402.644) (45) (2.499) (9.930) 4.069.892 1.328.999 14.452 37.322 2.215.969 139.891 -

46. IMOBILIZAES EM CURSO 460. 461. 462. 468. 469. Imobilizaes incorpreas Imobilizaes corpreas Patrimnio artstico Outras imobilizaes corpreas Adiantamentos por conta de imobilizaes 882.153 17.422 (210.059) 1.999.554 173.488

(455.679) (51.019)

TOTAIS

270

Anexos

A. Chart of Fixed Assets in Kwanzas


In thousands of KZ

ACCOUNT

Balance from previous year Gross Accumulated Value depreciation and adjustments

Transfers Increases / acquisitions

Depreciation in the year

Write-offs (net)

Balance as at 31.12.2007 Net Value

41. INTANGIBLE FIXED ASSETS 410. Leases transfers 411. Formation costs 412. Pluriannual costs 413. Research and development costs 414. Automatic data handling systems - software 419. Other intangible fixed assets 139 457.104 94.598 251.256 1 77.254 306.940 -

(138)

0 (17.344)

(271.396)

(130.024)

42. TANGIBLE FIXED ASSETS 420. 421. 422. 428. 429. Buildings for own use Equipment Art collection Fixed assets under leasing agreements Other tangible fixed assets 3.906.501 2.559.320 14.452 22.965 (203.805) (1.212.628) (86) (3.168) 70.166 267.347 131 14.024 373.252 127.534 6.000 (76.222) (402.644) (45) (2.499) (9.930) 4.069.892 1.328.999 14.452 37.322 2.215.969 139.891 -

46. FIXED ASSETS IN PROGRESS 460. 461. 462. 468. 469. Intangible fixed assets Tangible fixed assets Art collection Other tangible fixed assets Advances against fixed assets 882.153 17.422 (210.059) 1.999.554 173.488

(455.679) (51.019)

TOTAIS

271

Appendices

B. Mapa do Imobilizado em USD


Em milhares de USD

CONTAS

Saldo do exerccio anterior Valor Amortizaes bruto acumuladas e regularizaes

Transferncias Aumentos / Aquisies

Amortizaes do exerccio

Abates (lquido)

Saldo em 31.12.2007 Valor lquido

41. IMOBILIZAES INCORPREAS 410. Trespasses 411. Despesas de constituio 412. Custos plurianuais 413. Despesas de investigao e desenvolvimento 414. Sistemas de tratamento automtico de dados "Software" 419. Outras imobilizaes incorpreas 158 6.248 (154) (4.051) 1.185.188 3.237 (215.376) (1.550) 0 969.812 3.884 -

(4) -

42. IMOBILIZAES CORPREAS 420. 421. 422. 428. 429. Imveis de servio prprio Equipamento Patrimnio artstico Imobilizado em locao financeira Outras imobilizaes corpreas 52.071 34.114 193 306 (2.717) (16.163) (1) (42) 935 3.564 2 187 4.975 1.700 80 (1.016) (5.367) (1) (33) (132) 54.262 17.715 193 497

46. IMOBILIZAES EM CURSO 460. 461. 462. 468. 469. Imobilizaes incorpreas Imobilizaes corpreas Patrimnio artstico Outras imobilizaes corpreas Adiantamentos por conta de imobilizaes 11.418 214 (2.393) (28) 25.779 2.077 (5.535) (626) 29.269 1.637 -

TOTAIS

272

Anexos

B. Chart of Fixed Assets in USD


In thousands of USD

ACCOUNT

Balance from previous year Gross Accumulated Value depreciation and adjustments

Transfers Increases / acquisitions

Depreciation in the year

Write-offs (net)

Balance as at 31.12.2007 Net Value

41. INTANGIBLE FIXED ASSETS 410. Leases 411. Formation costs 412. Pluriannual costs 413. Research and development costs 414. Automatic data handling systems - software 419. Other intangible fixed assets 158 6.248 (154) (4.051) 1.185.188 3.237 (215.376) (1.550) 0 969.812 3.884 -

(4) -

42. TANGIBLE FIXED ASSETS 420. 421. 422. 428. 429. Buildings for own use Equipment Art collection Fixed assets under leasing agreements Other tangible fixed assets 52.071 34.114 193 306 (2.717) (16.163) (1) (42) 935 3.564 2 187 4.975 1.700 80 (1.016) (5.367) (1) (33) (132) 54.262 17.715 193 497

46. FIXED ASSETS IN PROGRESS 460. 461. 462. 468. 469. Intangible fixed assets Tangible fixed assets Art collection Other tangible fixed assets Advances against fixed assets 11.418 214 (2.393) (28) 25.779 2.077 (5.535) (626) 29.269 1.637 -

TOTAIS

273

Appendices

C. Presena Geogrfica e Canais de Distribuio C. Geographical Presence and Distribution Channels


Mapa de LUANDA com localizao das agncias

Balco Kinaxixi Kinaxixi Branch R. Cnego M. das Neves, 86, R/C - Ingombotas Balco Sede Head Branch R. Major Kanhangulo, 34 Balco Mutamba Mutamba Branch R. Amlcar Cabral, 106/108 Balco Amlcar Cabral Amlcar Cabral Branch R. Amlcar Cabral, 164/168 Balco Alameda Alameda Branch R. Rei Katyavala, 176 Balco Prenda Prenda Branch R. Comandante Arguelles, 158/160 Balco Aeroporto Airport Branch R. 21 de Janeiro, Aeroporto 4 de Feveiro Balco Avenida Avenida Branch Avenida de Portugal n. 17,18

Balco Monumental Monumental Branch Largo do Ambiente Rua Major Kanhangulo, 292 Balco Valdia Valdia Branch Av. Comandante Valdia, 157

Balco Africampos AfricamposBranch R. Ngola Kiluangi, 443/444 Sambizanga Balco Boavista Boavista Branch Bairro da Boavista - Edifcio SGEP

Balco Mulemba Mulemba Branch Estrada do Cacuaco, Km 5

Balco Kikolo Kikolo Branch R. Ngola Kiluange,158/160

Balco Cidadela Cidadela Branch Rua Senado da Cmara - Complexo da Cidadela Pavilho Principal Balco Filda Filda Branch Estrada Deolinda Rodrigues - Filda Balco Morro Bento Morro Bento Branch Avenida 21 Janeiro

Balco Imbondeiro Imbondeiro Branch Estrada de Catete, Shoprite Palanca


Anexos

274

Balco Talatona Talatona Branch Mirantes Talatona (Via A1 - Sector CS4)

Balco Siac Siac Branch Avenida A2 Luanda Sul Balco Porto Seco Porto Seco Branch Estrada Deolinda Rodrigues - Viana

Mapa de Angola com localizao das agncias no resto do Pas

Balco de Cabinda Cabinda Branch R. do Comrcio Bairro Deolinda Rodrigues Balco do Largo da Igreja Largo da Igreja Branch R. Largo da Igreja Balco do Sumbe Sumbe Branch R. Comandante Cassanje, s/n Balco de Porto Amboim Porto Amboim Branch R. Saydi Mingas, CP 13

Cabinda

Balco de Mbanza Congo Mbanza Congo Branch R. D. Lukeni Balco do Soyo Soyo Branch Base do Kwanda

Balco de Malange Malange Branch R. Comandante Dangereux, 80 Balco de Ndalatando Ndalatando Branch R. Dr. Agostinho Neto

Zaire

Balco do Dundo Dundo Branch Cidade do Dundo Centro Urbano - Rua n8 Balco do Lucapa Lucapa Branch Largo 1 de Maio, Lucapa Balco do Cafunfo Cafunfo Branch Rua Deolinda Rodrigues

Kwanza Norte

Lunda Norte Malage Lunda Sul

Balco de Saurimo Saurimo Branch R. dos Massacres, s/n Bairro Sassamba

Balco de Benguela Benguela Branch R. Machados dos Santos,1 Balco do Lobito Lobito Branch R. de Sagres 2, Zona Comercial Balco da Baia Farta Baia Farta Branch R. 10 de Dezembro, 41A Balco do Namibe Namibe Branch Graveto R. dos Pescadores,159 c/ R. 26 de Novembro e R. das Hortas Balco do Huambo Huambo Branch R. Craveiro Lopes, Cidade Baixa

Kwanza Sul

Balco do Luena Luena Branch R. Trigo Teixeira, Bairro Comandante NZagi Moxico Balco do Lubango Lubango Branch R. Dr. Antnio Agostinho neto, s/n Balco da Ngola Ngola Branch Estrada da Ngola

Benguela

Huambo

Hula Namibe

Cunene

Balco de Ondjiva Ondjiva Branch R. 11 de Novembro, 63 Balco de Santa Clara Santa Clara Branch R. Principal de Santa Clara/Fronteira

275

Appendices

19. Parecer do Auditor Externo 19. Opinion of the External Auditor

Aos Accionistas do Banco Africano de Investimentos, S.A. Relatrio de Auditoria

PricewaterhouseCoopers (Angola), Lda. Largo Saydi Mingas Prdio BPC, 16 Andar Luanda Repblica de Angola Caixa Postal N 5957 Telephone + (244) 222 395 004 Facsmile + (244) 222 395 677 www.pwc.com

Auditmos as Demonstraes Financeiras anexas do Banco Africano de Investimentos, S.A., as quais compreendem o Balano em 31 de Dezembro de 2007,que evidencia um total de 274.178.338 milhares de kwanzas e um capital prprio de 17.406.898 milhares de kwanzas, o qual inclui um resultado lquido do exerccio no montante de 5.859.722 milhares de kwanzas, a Demonstrao de resultados do exerccio findo naquela data e as respectivas notas explicativas. Responsabilidades da Administrao pelas Demonstraes Financeiras A Administrao responsvel pela preparao e apresentao apropriada destas Demonstraes Financeiras de acordo com os princpios contabilsticos geralmente aceites em Angola para o sector bancrio. Esta responsabilidade inclui: a concepo, implementao e manuteno de um sistema de controlo interno que garanta a preparao e apresentao de Demonstraes Financeiras isentas de distores significativas, quer devidas a fraude ou a erro: seleco e aplicao de polticas contabilsticas adequadas; e efectuar estimativas contabilsticas que sejam razoveis nas circunstncias.

278

Relatrio do Auditor Externo

To the Shareholders of Banco Africano de Investimentos, S.A. Audit Report

PricewaterhouseCoopers (Angola), Lda. Largo Saydi Mingas Prdio BPC, 16 Andar Luanda Repblica de Angola Caixa Postal N 5957 Telephone + (244) 222 395 004 Facsmile + (244) 222 395 677 www.pwc.com

We have audited the attached financial statements of Banco Africano de Investimentos, S.A., which consist of the balance sheet as at 31 December 2007, which shows a total of 274,178,338 thousand kwanzas and equity of 17,406,898 thousand kwanzas, including a net result for the year of 5,859,722 thousand kwanzas, the income statement for the year ended on that date and the corresponding explanatory notes. Responsibility of the Board of Directors for the Financial Statements The Board of Directors is responsible for the preparation and appropriate presentation of these financial statements in accordance with the accounting principles generally accepted in Angola for the banking sector. This responsibility includes: designing, implementing and maintaining an internal control system that guarantees preparation and presentation of financial statements free of significant distortions, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

279

Opinion of the External Auditor

Responsabilidades do Auditor A nossa responsabilidade a de emitir uma opinio independente sobre estas Demonstraes Financeiras, baseada na nossa auditoria. Efectumos a nossa auditoria de acordo com as Normas Internacionais de Auditoria. Estas normas exigem que cumpramos com os requisitos ticos e que planeemos e executemos a auditoria de forma a obtermos a segurana razovel sobre se as referidas Demonstraes Financeiras no contm distores significativas. Uma auditoria pressupe a execuo de procedimentos com o objectivo de obter prova de auditoria sobre os valores e divulgaes constantes das Demonstraes Financeiras. Os procedimentos de auditoria seleccionados dependem do julgamento do auditor, incluindo a avaliao dos riscos de distoro significativa das Demonstraes Financeiras, quer devido a fraude quer a erro. Ao efectuar a avaliao de risco, o auditor tem em considerao o sistema de controlo interno relevante para a preparao e apresentao apropriada das Demonstraes Financeiras pelo Banco, exclusivamente na profundidade que se revelar necessria determinao dos procedimentos de auditoria que se mostrem adequados s circunstncias, e no com a finalidade de expressar uma opinio sobre a eficcia do sistema de controlo interno do Banco. Adicionalmente, uma auditoria inclui a avaliao da adequao das polticas contabilsticas usadas e da razoabilidade das estimativas contabilsticas efectuadas pela Administrao, bem como a avaliao da apresentao global das Demonstraes Financeiras.

280

Relatrio do Auditor Externo

Responsibilities of the Auditor Our responsibility is to issue an independent opinion on these financial statements, based on our audit. We conducted our audit in accordance with international audit standards. These standards demand that we comply with ethical requirements and that we plan and execute the audit in a way as to obtain a reasonable degree of certainty as to whether or not the aforementioned financial statements contain significant distortions. An audit involves carrying out procedures with the objective of obtaining audit evidence that the amounts and disclosures contained in the financial statements do not contain significant distortions. The audit procedures are chosen at the auditor's discretion, including evaluation of the risk of significant distortion of the financial statements, whether due to fraud or error. In performing the risk assessment, the auditor takes into consideration the internal control system relevant to the preparation and appropriate presentation of financial statements by the bank, solely to the extent that proves necessary in order to determine the audit procedures appropriate to the circumstances, and not with the purpose of expressing an opinion on the efficacy of the bank's internal control system. In addition, an audit includes evaluation of the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Board of Directors, along with evaluation of the overall presentation of the financial statements.

281

Opinion of the External Auditor

Em nosso entender a prova de auditoria que obtivemos suficiente e apropriada para proporcionar uma base para a nossa opinio de auditoria. Opinio Em nossa opinio, as referidas Demonstraes Financeiras apresentam de forma verdadeira e apropriada, em todos os aspectos materialmente relevantes, a posio financeira do Banco Africano de Investimentos, S.A. em 31 de Dezembro de 2007 e o seu desempenho financeiro do exerccio ento findo, de acordo com os princpios contabilsticos geralmente aceites em Angola para o sector bancrio.

Luanda, 11 de Abril de 2008

282

Relatrio do Auditor Externo

In our view, the audit evidence that we obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the aforementioned financial statements present a true and fair picture, in all material respects, of the financial position of Banco Africano de Investimentos, S.A. as at 31 December 2007 and its financial performance in the year then ending, in accordance with the accounting principles generally accepted in Angola for the banking sector.

Luanda, 11 April 2008

283

Opinion of the External Auditor

20. Relatrio e Parecer do Conselho Fiscal 20. Report and Opinion of the Audit Committee

Senhores Accionistas, Em cumprimento das disposies legais e estatutrias, designadamente da Lei n 1/04, de 13 de Fevereiro (Lei das Sociedades Comerciais), submetemos apreciao de V.Exas. o relatrio e o parecer do Conselho Fiscal sobre o Relatrio de Contas de 2007, bem como sobre a correspondente proposta de aplicao de resultados: 1. Durante o exerccio tivemos a oportunidade de acompanhar periodicamente a actividade do Banco atravs da informao contabilstica e contactos quer com a Administrao, quer com as diversas reas, nomeadamente as de Contabilidade, Planeamento e Controlo de Gesto e Auditoria Interna. 2. No exerccio das nossas funes e com a profundidade e extenso possveis, procedemos indirectamente, atravs de informao contabilstica consultada, anlise das operaes do Banco, verificmos e examinmos, por amostragem, a regularidade dos documentos, registos e livros contabilsticos e aprecimos o Relatrio do Conselho de Administrao e as Demonstraes Financeiras, incluindo o Balano, a Demonstrao de Resultados e as respectivas notas. 3. Assim, tendo em conta o Relatrio dos Auditores Externos, conclumos o seguinte: a) Que o Relatrio do Conselho de Administrao e as Demonstraes Financeiras, estando de acordo com o registos contabilistcos, satisfazem as disposies legais e estatutrias; b) Que o exerccio de 2007 foi bastante positivo, sendo de destacar o facto do banco ter conseguido realizar um resultado lquido de AKZ 5.859.722 (cinco mil milhes oitocentos e cinquenta e e nove milhes setecentos e vinte e dois mil kwanzas), equivalente a USD 78.106 milhares (setenta e oito milhes e cento e seis mil dlares), aps ter tido a preocupao, legalmente permitida e economicamente aconselhvel, de constituir as adequadas provises destinadas a contribuir para a estabilidade do seu patrimnio.

286

Relatrio e Parecer do Conselho Fiscal

Shareholders, In compliance with legal and statutory provisions, and specifically Law no. 1/04 of 13 February (the Companies Law), we hereby submit for your approval the report and opinion of the Audit Committee on the report and accounts for 2007, and on the corresponding proposal for the distribution of results: 1. Over the course of the year we had the opportunity periodically to oversee the bank's business by way of accounting information and through contacts with both the Board of Directors and with various departments, namely the Accounts, Management Control and Planning and Internal Audit Departments. 2. In performing our duties, to the extent possible and in as much depth as possible, we indirectly analysed, by way of the accounting information consulted, the bank's operations, checked and audited, on a sample basis, that accounting documents, records and books were in order, and examined the report of the Board of Directors and the financial statements, including the balance sheet, the income statement and the corresponding notes to accounts. 3. Thus, taking into account the report of the independent auditors, we concluded the following: a) That, being in accordance with the accounting records, the report of the Board of Directors and the financial statements meet the legal and statutory requirements. b) That 2007 was a fairly positive year, in which, notably, the bank managed to achieve a net result of AKZ 5,859,722,000 (five billion, eight hundred and fifty-nine million, seven hundred and twenty-two thousand kwanzas), equivalent to USD 78,106,000 (seventy-eight million, one hundred and six thousand dollars), after taking the legally permitted and economically advisable step of setting up appropriate provisions with the intention of adding to the stability of its capital base.

287

Report and Opinion of the Audit Committee

c) Que os critrios valorimtricos utilizados e as polticas contabilsticas seguidas so consistentes com os aplicados nos exerccios anteriores e com as disposies emanadas pela Banco Nacional de Angola, em todos os aspectos materialmente relevantes. 4. Considerando que os documentos referidos no ponto 2) permitem no seu conjunto a compreenso da situao financeira e dos resultados financeiros, do Banco, propomos: a) A aprovao do Relatrio de Gesto do Conselho de Administrao e das contas referentes ao exerccio de 2007. b) A aprovao da proposta de aplicao do resultado lquido do exerccio de 2007, constante do relatrio do Conselho de Administrao, que tem como objetivo o reforo dos fundos prprios, por forma a garantir a sua adequao s disposies aplicveis. 5. Finalmente, expressamos o nosso agradecimento ao Conselho de Administrao e a todos os colaboradores com quem contactmos do Banco pela valiosa colaborao prestada.

Luanda, 14 de Abril de 2008 O Conselho Fiscal

288

Relatrio e Parecer do Conselho Fiscal

c) That the valuation criteria used and the accounting policies adopted are consistent with those applied in previous years and with the instructions issued by the National Bank of Angola, in all material respects. 4. Whereas, read in conjunction, the documents referred to in point 2) afford an understanding of the bank's financial position and financial results, we propose: a) Approval of the management report of the Board of Directors and the accounts for the year 2007. b) Approval of the proposal for distribution of the net result for 2007 contained in the report of the Board of Directors, the objective of which is to strengthen the bank's equity in order to ensure that it complies with the applicable dispositions. 5. Lastly, we wish to express our thanks to the Board of Directors and to all employees of the bank with whom we had contact for their valuable cooperation.

Luanda, 14 April 2008 The Audit Committee

289

Report and Opinion of the Audit Committee