KB prezent. angl - Komerční banka
KB prezent. angl - Komerční banka KB prezent. angl - Komerční banka
042 ➔043 Report of the Board of Directors Komerční banka Financial Group As at 31 December 2003, Komerční banka’s Financial Group consisted of ten companies controlled to some extent by the Bank. Nine of the companies of the KB Financial Group are subsidiaries in which Komerční banka has a controlling influence and one is associate company in which KB has a significant influence. Overview of the KB Financial Group Komerční banka, a. s. Core business Support services Komerční pojišťovna, a. s. 100.0% 49.9% MUZO, a. s. Všeobecná stavební spořitelna Komerční banky, a. s. 40.0% 48.0% Společnost pro informační databáze, a. s. Komerční banka Bratislava, a. s. 100.0% 100.0% Komercni Finance, B. V. Penzijní fond Komerční banky, a. s. 100.0% 100.0% ASIS, a. s., in liquidation Factoring KB, a. s. 100.0% 100.0% ALL IN, a. s., in liquidation Investiční kapitálová společnost KB, a. s. 100.0% 100.0% AIREL-IMMO, s. r. o., in bankruptcy 100.0% ALL IN REAL ESTATE Leasing, a. s. Komerční banka also holds several strategic interests in its portfolio of 20% or below in the registered capital. These are Českomoravská záruční a rozvojová banka, a. s., Burza cenných papírů Praha, a. s. (the Prague Stock Exchange), and Czech Banking Credit Bureau, a. s.
Restructuring process The restructuring process of the financial group continued in 2003. Komerční banka made progress in strengthening the position of the companies whose activities are considered essential to its business strategy, and in its search for a strategic partner or for another way of making the operations of the companies outside this core group more effective. In comparison with 2002, the co-operation was intensified between KB Financial Group companies and specialised companies within Société Générale – especially Société Générale Asset Management in the field of asset management and SOGECAP in the sphere of insurance. In 2003, part of this co-operation focused on expanding the range of products of Komerční pojišťovna and Investiční kapitálová společnost KB. The ongoing restructuring process within the KB financial group was particularly visible among the companies which Komerční banka decided to sell to strategic partners in order to increase their and its own efficiency. In 2003, Komerční banka entered into co-operation with Franfinance S.A., a subsidiary of Société Générale, in order to expand the range of consumer lending in the Czech Republic. In September 2003, the Bank concluded an agreement to increase the share capital of Franfinance Cosumer Credit, s. r. o., formerly a 100% subsidiary of Franfinance S.A., and therefore became the majority owner with a stake of 51%. Because the increase in the share capital had not been entered in the Commercial Register as at 31 December 2003, the Bank did not report this interest in its financial statements for the full year of 2003. CAC Leasing and CAC Leasing Slovakia In June 2003, Komerční banka sold its share in CAC Leasing and CAC Leasing Slovakia to Bank Austria Creditanstalt Leasing, a 100% subsidiary of Bank Austria Creditanstalt, and the second shareholder of the two companies. Komerční banka will continue to offer leasing products on the Czech and Slovak market in co-operation with companies of the Société Générale Group which are active on these markets. These are Franfinance Leasing, which specialises in leasing for corporate customers, and ALD Automotive, which concentrates on car fleet financing not only through financial leasing, but also through a broad range of operational leasing services. The sale of these two companies had a positive impact on the Bank’s financial performance in 2003. MUZO In December 2003, Komerční banka concluded a contract for the sale of its share in MUZO belonging to the KB Financial Group to the company Global Payments Group, an important provider of services in the field of the electronic processing of payments for individuals, businesses, financial institutions and government agencies. The KB’s objective was to find a longterm partner for MUZO who would provide MUZO with an expert backdrop and would develop MUZO into a regional leader in the electronic processing market. Komerční banka is convinced that the Global Payments Group fulfils these requirements, and that it will not only improve the quality of the services provided by MUZO but, thanks to the expansion of the client base, it will also ensure economies of scale for all MUZO clients. This will have a positive impact on the quality of the services provided to the clients of Komerční banka. The sale of MUZO was completed in February 2004 and will have a positive impact on the financial results of the Bank in 2004. Reflexim After internal restructuring, the sale of Reflexim took place in June 2003 to Sodexho společné stravování a služby. The purpose of this sale was to transfer support activities that are not paramount for the operation of the Bank (i.e. facility management, car fleet maintenance, etc.) to a reliable partner able to ensure the high quality of these services. A contract on the provision of support services has been concluded with the new owner.
- Page 1 and 2: AR ➔ 03 Annual Report Komerční
- Page 3 and 4: KB was named “The Trustworthiest
- Page 5 and 6: 8 The total loan portfolio of the B
- Page 7 and 8: Statutory Bodies and Organisation S
- Page 9 and 10: Retail Banking Komerční banka’s
- Page 11 and 12: Financial Highlights Unconsolidated
- Page 13 and 14: Alexis Juan The product and service
- Page 15 and 16: Major Events in 2003 Restructuring
- Page 17 and 18: Information on Komerční banka Sha
- Page 19 and 20: In 2003, both imports and exports a
- Page 21 and 22: To achieve this target Komerční b
- Page 23 and 24: The Distribution Network Komerční
- Page 25 and 26: Retail Banking Individuals In the b
- Page 27 and 28: Corporate Banking Medium Enterprise
- Page 29 and 30: Risk Management Risk management at
- Page 31 and 32: Provisions and reserves With regard
- Page 33 and 34: Methods for measuring market risk a
- Page 35 and 36: Price setting ALM is in charge of e
- Page 37 and 38: Information Technology and Operatio
- Page 39 and 40: Corporate Citizenship - Company Act
- Page 41 and 42: Net operating income Net operating
- Page 43: LIABILITIES Amounts due to banks Am
- Page 47 and 48: Investiční kapitálová společno
- Page 49 and 50: Komerční banka Bratislava, a. s.
- Page 51 and 52: Komerční pojišťovna, a. s. Shar
- Page 53 and 54: Všeobecná stavební spořitelna K
- Page 55 and 56: Statutory Bodies and Organisation S
- Page 57 and 58: Directors Committee The Directors C
- Page 59 and 60: Shareholders Shareholders Sharehold
- Page 61 and 62: Auditors’ Report for Shareholders
- Page 63 and 64: FInancial Statements Financial Stat
- Page 65 and 66: Unconsolidated Profit and Loss Stat
- Page 67 and 68: Liabilities CZK million Item no. Na
- Page 69 and 70: Statement of Changes in Equity for
- Page 71 and 72: State guarantee covering losses on
- Page 73 and 74: (e) Securities Securities held by t
- Page 75 and 76: The Bank has carried in its balance
- Page 77 and 78: Certain derivative transactions, wh
- Page 79 and 80: 8. Administrative expenses In addit
- Page 81 and 82: Reserves for off balance sheet expo
- Page 83 and 84: CZK million 2003 2002 2001 Profit/(
- Page 85 and 86: Set out below is an analysis by ter
- Page 87 and 88: Syndicated loans granted Non-bankin
- Page 89 and 90: Securities available for sale Secur
- Page 91 and 92: Investments held to maturity Invest
- Page 93 and 94: Company name and legal status Direc
042 ➔043<br />
Report of the Board of Directors<br />
<strong>Komerční</strong> <strong>banka</strong> Financial Group<br />
As at 31 December 2003, <strong>Komerční</strong> <strong>banka</strong>’s Financial Group consisted of ten companies controlled to some extent by the<br />
Bank. Nine of the companies of the <strong>KB</strong> Financial Group are subsidiaries in which <strong>Komerční</strong> <strong>banka</strong> has a controlling influence<br />
and one is associate company in which <strong>KB</strong> has a significant influence.<br />
Overview of the <strong>KB</strong> Financial Group<br />
<strong>Komerční</strong> <strong>banka</strong>, a. s.<br />
Core business<br />
Support services<br />
<strong>Komerční</strong> pojišťovna, a. s. 100.0%<br />
49.9%<br />
MUZO, a. s.<br />
Všeobecná<br />
stavební spořitelna<br />
<strong>Komerční</strong> banky, a. s. 40.0%<br />
48.0%<br />
Společnost pro informační<br />
databáze, a. s.<br />
<strong>Komerční</strong> <strong>banka</strong><br />
Bratislava, a. s. 100.0%<br />
100.0%<br />
Komercni Finance, B. V.<br />
Penzijní fond<br />
<strong>Komerční</strong> banky, a. s. 100.0%<br />
100.0%<br />
ASIS, a. s., in liquidation<br />
Factoring <strong>KB</strong>, a. s. 100.0%<br />
100.0%<br />
ALL IN, a. s., in liquidation<br />
Investiční kapitálová<br />
společnost <strong>KB</strong>, a. s. 100.0%<br />
100.0%<br />
AIREL-IMMO, s. r. o.,<br />
in bankruptcy<br />
100.0%<br />
ALL IN REAL ESTATE<br />
Leasing, a. s.<br />
<strong>Komerční</strong> <strong>banka</strong> also holds several strategic interests in its portfolio of 20% or below in the registered capital. These are<br />
Českomoravská záruční a rozvojová <strong>banka</strong>, a. s., Burza cenných papírů Praha, a. s. (the Prague Stock Exchange), and Czech<br />
Banking Credit Bureau, a. s.
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