KB prezent. angl - Komerční banka

044 ➔045
Report of the Board of Directors
Consolidation
In accordance with statutory requirements in force in the Czech Republic, consolidation is performed in accordance with
IFRS. As of 2002, Czech consolidated accounts are no longer prepared.
The following table contains data about the method of consolidation for each KB Financial Group entity – either full
consolidation or equity consolidation. Some companies were not included in the consolidation for the reasons outlined below:
– Penzijní fond Komerční banky: although Komerční banka exercises full control over the company, in line with Czech legislation
on pension insurance only 10% of the reported annual profits are redistributed to the shareholders. The remaining 90% of
profits are distributable to policyholders (85%) and to the reserve fund (5%). Therefore the management does not consider it
appropriate to consolidate this entity.
– ALL IN and Czech Banking Credit Bureau were not consolidated on grounds of materiality.
Subsidiaries and associate companies in the KB Financial Group
Company Consolidation Share KB KB Net book Nominal
method capital participation participation value value per
in the share in the share share
capital capital
– nominal – relative
(CZK thousand) (CZK thousand) (%) (CZK thousand) (CZK thousand)
DOMESTIC PARTICIPATION
Komerční pojišťovna, a. s. full 752,000 752,000 100 289,677 100 or 50
Všeobecná stavební spořitelna
Komerční banky, a. s. equity 500,000 200,000 40 220,000 100
Penzijní fond Komerční banky, a. s. none 200,000 200,000 100 230,000 100
MUZO, a. s. full 102,000 50,900 49.9 60,998 1
Factoring KB, a. s. full 84,000 84,000 100 90,000 100 or 10
Investiční kapitálová společnost KB, a. s. full 50,000 50,000 100 75,000 100
ASIS, a. s., in liquidation none 1,000 1,000 100 1,000 100
Czech Banking Credit Bureau, a. s. none 1,200 240 20 240 10
ALL IN, a. s., in liquidation none 44,517 44,517 100 24,083 213
Total – – 1,382,657 – 990,998 –
FOREIGN PARTICIPATION
Komerční banka Bratislava, a. s. full 393,550 * 393,550 100 432,905 100,000 SKK
Komercni Finance, B. V. full 588 ** 588 100 588 453.8 EUR
Total – – 394,138 – 433,493 –
Total – – 1,776,795 – 1,424,491 –
Note: * CZK/SKK exchange rate 0.78710 as at 31 December 2003 (CNB)
** CZK/EUR exchange rate 32.405 as at 31 December 2003 (CNB)