KB prezent. angl - Komerční banka
KB prezent. angl - Komerční banka KB prezent. angl - Komerční banka
080 ➔081 Unconsolidated Financial Statements under CAS Other reserves CZK million Balance at Creation Use Foreign Balance at 1 January 2003 exchange effect 31 December 2003 Restructuring reserve 242 210 317 0 135 Reserves for other contractual commitments 1,510 1,095 1,236 (11) 1,358 Total other reserves 1,752 1,305 1,553 (11) 1,493 Reserves for other contractual commitments primarily comprise reserves for legal disputes and reserves for anticipated staff costs. 10. Extraordinary income and extraordinary expenses CZK million 2003 2002 2001 Extraordinary income 10 2,497 0 Extraordinary costs 0 (1,984) 0 Net extraordinary income 10513 0 In the year ended 31 December 2002, the Bank recognised as extraordinary income or expenses one-off unrealised gains/(losses) arising from the revised treatment for securities in accordance with the Transitory Provisions of the Regulation of the Czech Finance Ministry No. 282/73 390/2001, which establishes the chart of accounts and the accounting principles for banks and certain financial institutions. 11. Taxation The major components of corporate income tax expense are as follows: CZK million 2003 2002 2001 Tax payable – current year 3,637 3,314 745 Tax paid – prior year (9) 268 17 Deferred tax movement 388 (936) 1 Total income tax expense 4,016 2,646 763 The decrease in the prior period tax expense of CZK 9 million (2002: an increase of CZK 268 million) represents an increased tax liability for the year ended 31 December 2002 (a decreased tax liability for the year ended 31 December 2001) reflected in the tax returns filed in 2003 (respectively 2002). The corporate tax rate for the year ended 31 December 2003 is 31 percent (2002: 31 percent, 2001: 31 percent). The Bank’s tax liability is calculated based upon the accounting profit/(loss) taking into account tax non-deductible expenses and tax exempt income or income subject to a final withholding tax rate.
CZK million 2003 2002 2001 Profit/(loss) before tax 13,326 11,875 3,387 Items increasing the tax base 4,611 7,427 15,077 Provisions and reserves 3,251 6,474 13,450 Costs associated with non-taxable income from securities 17 128 378 Write-off of receivables 1,056 349 156 Other non-deductible expenses 287 476 1,093 Items decreasing the tax base (5,874) (8,519) (14,188) Provisions and reserves (5,492) (5,896) (11,279) Non-taxable income from securities (355) (2,356) (1,247) Recoveries of receivables written off (18) (113) (659) Other non-taxable income (9) (154) (1,003) Tax base 12,063 10,783 4,276 Tax losses carried forward 0 0 (1,800) Items deductible from the tax base (45) (25) (63) Gifts (2) (1) (4) Rounded tax base 12,016 10,757 2,409 Tax rate 31 31 31 Income tax expense 3,725 3,334 747 Tax allowance (88) (20) (5) Tax from general tax base 3,637 3,314 742 Stand-alone tax base 0 3 19 Tax rate applied to the stand-alone tax base 15 15 15 Tax from the stand-alone tax base 0 1 3 Total tax 3,637 3,315 745 Deferred income tax Deferred income taxes are calculated from all temporary differences between the tax bases and carrying values using tax rates effective in the periods in which the temporary tax difference is expected to be realised, that is 28 percent for 2004, 26 percent for 2005, and 24 percent for 2006 onwards (2002 to 2003: 31 percent). In the year ended 31 December 2003, the Bank reduced, through the profit and loss statement, the deferred tax asset by CZK 406 million and the deferred tax liability by CZK 18 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 Bank recognised through equity, a decrease in the deferred tax liability of CZK 481 million arising from the change in fair values of hedging derivatives. Deferred tax movements reflected in the financial statements were as follows: CZK million 2003 2002 2001 Deferred income tax recognised in the financial statements Deferred income tax asset Balance at the beginning of period 902 0 0 Movement in deferred tax assets (406) 902 0 Balance at the end of period 496 902 0 Deferred income tax liability Balance at the beginning of period (1,124) (81) (80) Movement in deferred tax liabilities – P&L impact 18 34 (1) Movement in deferred tax liabilities – equity impact 481 (1,077) 0 Balance at the end of period (625) (1,124) (81) Increase/decrease in deferred income tax – P&L impact (388) 936 (1) Increase/decrease in deferred income tax – equity impact 481 (1,077) 0
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- Page 107 and 108: CZK million On demand Up to 3 month
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CZK million 2003 2002 2001<br />
Profit/(loss) before tax 13,326 11,875 3,387<br />
Items increasing the tax base 4,611 7,427 15,077<br />
Provisions and reserves 3,251 6,474 13,450<br />
Costs associated with non-taxable income from securities 17 128 378<br />
Write-off of receivables 1,056 349 156<br />
Other non-deductible expenses 287 476 1,093<br />
Items decreasing the tax base (5,874) (8,519) (14,188)<br />
Provisions and reserves (5,492) (5,896) (11,279)<br />
Non-taxable income from securities (355) (2,356) (1,247)<br />
Recoveries of receivables written off (18) (113) (659)<br />
Other non-taxable income (9) (154) (1,003)<br />
Tax base 12,063 10,783 4,276<br />
Tax losses carried forward 0 0 (1,800)<br />
Items deductible from the tax base (45) (25) (63)<br />
Gifts (2) (1) (4)<br />
Rounded tax base 12,016 10,757 2,409<br />
Tax rate 31 31 31<br />
Income tax expense 3,725 3,334 747<br />
Tax allowance (88) (20) (5)<br />
Tax from general tax base 3,637 3,314 742<br />
Stand-alone tax base 0 3 19<br />
Tax rate applied to the stand-alone tax base 15 15 15<br />
Tax from the stand-alone tax base 0 1 3<br />
Total tax 3,637 3,315 745<br />
Deferred income tax<br />
Deferred income taxes are calculated from all temporary differences between the tax bases and carrying values using tax rates<br />
effective in the periods in which the temporary tax difference is expected to be realised, that is 28 percent for 2004, 26 percent for<br />
2005, and 24 percent for 2006 onwards (2002 to 2003: 31 percent).<br />
In the year ended 31 December 2003, the Bank reduced, through the profit and loss statement, the deferred tax asset by<br />
CZK 406 million and the deferred tax liability by CZK 18 million. Of these movements, CZK 89 million represents a charge arising from<br />
the revised corporate income tax rate in the following three years. In addition, the Bank recognised through equity, a decrease in the<br />
deferred tax liability of CZK 481 million arising from the change in fair values of hedging derivatives.<br />
Deferred tax movements reflected in the financial statements were as follows:<br />
CZK million 2003 2002 2001<br />
Deferred income tax recognised in the financial statements<br />
Deferred income tax asset<br />
Balance at the beginning of period 902 0 0<br />
Movement in deferred tax assets (406) 902 0<br />
Balance at the end of period 496 902 0<br />
Deferred income tax liability<br />
Balance at the beginning of period (1,124) (81) (80)<br />
Movement in deferred tax liabilities – P&L impact 18 34 (1)<br />
Movement in deferred tax liabilities – equity impact 481 (1,077) 0<br />
Balance at the end of period (625) (1,124) (81)<br />
Increase/decrease in deferred income tax – P&L impact (388) 936 (1)<br />
Increase/decrease in deferred income tax – equity impact 481 (1,077) 0
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