KB prezent. angl - Komerční banka
KB prezent. angl - Komerční banka KB prezent. angl - Komerční banka
140 ➔141 Consolidated Financial Statements under IFRS Trade finance losses During 1999, the Group incurred losses relating to loans, letters of credit and guarantees provided to a foreign client. As of 31 December 2003, on balance sheet loans to this client included an amount of CZK 1,737 million (2002: CZK 2,035 million) that was fully provided for. Included within the Group’s off balance sheet receivables from this client are documentary letters of credit of CZK 367 million (2002: CZK 431 million), which are provided for in full (2002: CZK 409 million). The provision is shown under Note 30 Accruals, provisions and other liabilities within the line Provision for other credit commitments. The Group is continuing to take action in all relevant jurisdictions to recover its funds. 22. Securities available for sale Securities available for sale comprise: CZK million 2003 2003 2002 2002 Fair value Cost Fair value Cost Shares and participation certificates 176 158 2,191 2,196 Fixed income debt securities 19,686 20,413 15,364 15,647 Variable yield debt securities 7,694 9,041 9,482 11,262 Total debt securities 27,38029,454 24,846 26,909 Total securities available for sale 27,556 29,612 27,037 29,105 As of 31 December 2003, the available-for-sale portfolio includes securities at a fair value of CZK 17,367 million (2002: CZK 10,674 million) that are publicly traded on stock exchanges and securities at a fair value of CZK 10,189 million (2002: CZK 16,363 million) that are not publicly traded. Shares and participation certificates available for sale at fair value comprise: CZK million 2003 2002 Shares and participation certificates – Czech Crowns 173 2,185 – Other currencies 3 6 Total shares and participation certificates available for sale 176 2,191 Shares and participation certificates available for sale at fair value, allocated by issuer, comprise: CZK million 2003 2002 Shares and participation certificates available for sale issued by – Banks in the Czech Republic 60 60 – Non-banking entities in the Czech Republic 113 2,125 – Non-banking foreign entities 3 6 Total shares and participation certificates available for sale 176 2,191
Debt securities available for sale at fair value comprise: CZK million 2003 2002 Variable yield debt securities – Czech crowns 1,636 1,849 – Other currencies 6,058 7,633 Total variable yield debt securities 7,694 9,482 Fixed income debt securities – Czech crowns 17,352 12,496 – Other currencies 2,334 2,868 Total fixed income debt securities 19,686 15,364 Total debt securities available for sale 27,38024,846 Debt securities available for sale at fair value, allocated by issuer, comprise: CZK million 2003 2002 Debt securities available for sale issued by – State institutions in the Czech Republic 13,757 7,531 – Foreign state institutions 440 0 – Financial institutions in the Czech Republic 368 594 – Foreign financial institutions 101 598 – Other entities in the Czech Republic 1,314 1,398 – Other foreign entities 11,400 14,725 Total debt securities available for sale 27,38024,846 Equity securities During the first half of 2003, the Group gradually disposed of all participation certificates issued by the open-ended mutual fund IKS Globální held in 2002 (with the aggregate fair value of CZK 2,012 million). In the first quarter of 2003, the Group also sold its 77.18 percent shareholding in Vodní stavby, a. s. v likvidaci. The aggregate impact of these transactions on the Group’s profit and loss statement was immaterial. Asset Backed Securities The Group maintains a portfolio of asset backed securities denominated in USD which are carried as available for sale. The securities bear a fixed or floating interest rate based on USD LIBOR. The Group establishes the value of these securities by reference to the credit profile of underlying assets using a model which facilitates the simulation of future cash flows from these securities by modelling the development of the credit quality of underlying assets. The Group established a provision for impairment of CZK 1,816 million as of 31 December 2003 (2002: CZK 2,096 million) against the asset backed securities, the carrying value of which, net of impairment, is CZK 8,392 million (2002: CZK 10,471 million). Management of the Group considers that this impairment charge represents its best estimate of the net recoverable value of these assets and reflects changes in market credit conditions in the markets of the underlying assets since the purchase of the portfolio. Other debt securities During the year ended 31 December 2003, pursuant to its investment strategy the Group acquired Czech Government bonds with an aggregate nominal value of CZK 4,690 million, of which bonds of CZK 1,000 million will mature in 2004 and the remaining bonds in 2006. Securities issued by banks include a credit linked note (the “note”) with a nominal value of EUR 1.6 million (2002: EUR 9.5 million), issued by an internationally recognised bank, which bears interest based on three month EURIBOR and amortises to zero over the ten years to its maturity pursuant to the payment schedule. During the year ended 31 December 2003, a partial repayment of the nominal value of EUR 0.3 million was made and the nominal value (without redemption) decreased by EUR 7.62 million due to credit events in respect of the underlying assets of the note.
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140 ➔141<br />
Consolidated Financial Statements<br />
under IFRS<br />
Trade finance losses<br />
During 1999, the Group incurred losses relating to loans, letters of credit and guarantees provided to a foreign client.<br />
As of 31 December 2003, on balance sheet loans to this client included an amount of CZK 1,737 million (2002: CZK 2,035 million) that<br />
was fully provided for. Included within the Group’s off balance sheet receivables from this client are documentary letters of credit of<br />
CZK 367 million (2002: CZK 431 million), which are provided for in full (2002: CZK 409 million). The provision is shown under Note 30<br />
Accruals, provisions and other liabilities within the line Provision for other credit commitments.<br />
The Group is continuing to take action in all relevant jurisdictions to recover its funds.<br />
22. Securities available for sale<br />
Securities available for sale comprise:<br />
CZK million 2003 2003 2002 2002<br />
Fair value Cost Fair value Cost<br />
Shares and participation certificates 176 158 2,191 2,196<br />
Fixed income debt securities 19,686 20,413 15,364 15,647<br />
Variable yield debt securities 7,694 9,041 9,482 11,262<br />
Total debt securities 27,38029,454 24,846 26,909<br />
Total securities available for sale 27,556 29,612 27,037 29,105<br />
As of 31 December 2003, the available-for-sale portfolio includes securities at a fair value of CZK 17,367 million (2002: CZK 10,674 million)<br />
that are publicly traded on stock exchanges and securities at a fair value of CZK 10,189 million (2002: CZK 16,363 million) that are not<br />
publicly traded.<br />
Shares and participation certificates available for sale at fair value comprise:<br />
CZK million 2003 2002<br />
Shares and participation certificates<br />
– Czech Crowns 173 2,185<br />
– Other currencies 3 6<br />
Total shares and participation certificates available for sale 176 2,191<br />
Shares and participation certificates available for sale at fair value, allocated by issuer, comprise:<br />
CZK million 2003 2002<br />
Shares and participation certificates available for sale issued by<br />
– Banks in the Czech Republic 60 60<br />
– Non-banking entities in the Czech Republic 113 2,125<br />
– Non-banking foreign entities 3 6<br />
Total shares and participation certificates available for sale 176 2,191
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