KB prezent. angl - Komerční banka

2003 2002
Number of the Management Board members 6 6
Number of the Supervisory Board members 9 9
Number of the Directors’ Committee members 20* 18*
Note: * These figures include all members of the Management Board who are also members of the Directors’ Committee.
As of 31 December 2003, the Group recorded a reserve of CZK 18 million (2002: CZK 35 million) for an equity compensation program
and an estimated payable of CZK 22 million (2002: CZK 15 million) for Management Board bonuses.
Under the equity compensation program, certain members of the Supervisory Board of the Bank have a right to purchase during the
first half of 2004 a pre-determined number of ordinary shares of the Bank at CZK 500 per share (“call options”). The members of the
Supervisory Board have a right, but not the obligation, to put these shares on the Bank at a price of CZK 1,000 per share after these
shares have been held by Board members for a minimum period (“put options”). The cost of the exercise of these options is borne
by the Bank. Options held by the participants of the equity compensation scheme amount to 13,680 shares (2002: 18,240 shares).
The equity compensation program will expire in mid-2004.
37. Movement of the hedging reserve in the consolidated statement of changes in shareholders’ equity
In accordance with IAS 39, certain derivatives were designated as cash flow hedges. The fair values of cash flow hedges are
recorded in a separate category of equity in the hedging reserve as shown below:
CZK million 2003 2002
Cash flow hedge fair value at 1 January 3,492 1,263
Deferred income tax liability at 1 January (1,077) (392)
Balance at 1 January 2,415 872
Movements during year:
CZK million 2003 2002
Gains/(losses) from changes in fair value 180 3,227
Deferred income tax (56) (995)
124 2,232
CZK million 2003 2002
Transferred to net profit (1,748) (999)
Deferred income tax 537 310
(1,211) (689)
CZK million 2003 2002
Balance at 31 December 1,924 3,492
Deferred income tax (596) (1,077)
Balance at 31 December 1,328 2,415