KB prezent. angl - Komerční banka

148 ➔149
Consolidated Financial Statements
under IFRS
In the year ended 31 December 2003, the Group reduced, through the profit and loss statement, the deferred tax asset by
CZK 395 million (2002: an increase of CZK 905 million) and the deferred tax liability by CZK 9 million (2002: a decrease of
CZK 158 million). Of these movements, CZK 89 million represents a charge arising from the revised corporate income tax rate in the
following three years. In addition, the Group recognised through equity, a decrease in the deferred tax liability of CZK 480 million
(2002: an increase of CZK 686 million) arising from the change in fair values of hedging derivatives.
32. Subordinated debt
In 1998, Komercni Finance, B. V. (a wholly owned subsidiary of the Bank) issued guaranteed step-up callable notes, bearing fixed
interest at 9 percent per annum to 15 May 2003 and then interest at a floating rate linked to six-month LIBOR. Komercni Finance, B. V.
exercised its option to redeem these notes at the repricing date in May 2003. This also triggered the repayment of the
Bank’s subordinated debt and the Bank maintained no subordinated debt as of 31 December 2003.
33. Share capital
The Bank’s share capital, legally registered in the Register of Companies on 11 February 2000, amounts to CZK 19,004,926 thousand
and consists of 38,009,852 ordinary shares with a nominal value of CZK 500 each (ISIN: CZ0008019106).
Set out below is a summary of the entities that hold more than 3 percent of the Bank’s issued share capital as of 31 December 2003:
Name of the entity Registered office Proportion of share capital (%)
SOCIETE GENERALE S. A. 29 BLVD HAUSSMANN, PARIS 60.353
The Bank of New York ADR Department 101 Barclay Street, New York 5.480
Société Générale, S. A., being the only entity with a qualified holding in the Bank, is a French joint stock company incorporated by
a Deed approved through the issuance of a Decree on 4 May 1864, and is licensed as a bank. Under the legislative and regulatory
provisions relating to credit institutions, notably the articles of the Monetary and Financial Code, the Company is subject to
commercial laws, in particular Articles 210–1 and the following of the French Commercial Code, as well as current by-laws.
On the basis of the consent of the Czech National Bank, The Bank of New York ADR Department holds shares to which global
depository receipts (GDRs) owned by a number of foreign investors were issued.
34. Composition of cash and cash equivalents as reported in the cash flow statement
CZK million 2003 2002 Change in the year
Cash and balances with central banks 12,284 13,933 (1,649)
Current accounts with other banks 165 575 (410)
Amounts owed to banks (1,667) (1,248) (419)
Total 10,782 13,260 (2,478)