KB prezent. angl - Komerční banka
KB prezent. angl - Komerční banka KB prezent. angl - Komerční banka
088 ➔089 Unconsolidated Financial Statements under CAS Debt securities available for sale at fair value (at carrying value in 2001), allocated by issuer, comprise: CZK million 2003 2002 2001 Debt securities available for sale issued by – State institutions in the Czech Republic 131 0 0 – Financial institutions in the Czech Republic 214 354 3,989 – Foreign financial institutions 101 131 303 – Other entities in the Czech Republic 710 1,044 3,651 – Other foreign entities 11,054 14,725 16,491 Total debt securities available for sale 12,21016,254 24,434 Equity securities During the first half of 2003, the Bank gradually disposed of all participation certificates issued by the open-ended mutual fund IKS Globální held in 2002 with the aggregate fair value of CZK 2,012 million. In the first quarter of 2003, the Bank also sold its 77.18 percent shareholding in Vodní stavby, a. s. v likvidaci. The aggregate impact of these transactions on the Bank’s profit and loss statement was immaterial. Asset Backed Securities The Bank maintains a portfolio of asset backed securities denominated in USD which are carried as available for sale. The securities bear a fixed or floating interest rate based on USD LIBOR. The Bank establishes the value of these securities by reference to the credit profile of underlying assets using a model which facilitates the simulation of future cash flows from these securities by modelling the development of the credit quality of underlying assets. The Bank established a provision for impairment of CZK 1,816 million as of 31 December 2003 (2002: CZK 2,096 million) against the asset backed securities, the carrying value of which, net of impairment, is CZK 8,392 million (2002: CZK 10,471 million). Management considers that this impairment charge represents its best estimate of the net recoverable value of these assets and reflects changes in market credit conditions in the markets of the underlying assets since the purchase of the portfolio. Other debt securities During the year ended 31 December 2003, pursuant to its investment strategy the Bank acquired Czech Government bonds with an aggregate nominal value of CZK 4,690 million, of which bonds of CZK 1,000 million will mature in 2004 and the remaining bonds in 2006. Securities issued by banks include a credit linked note (the “note”) with a nominal value of EUR 1.6 million (2002: EUR 9.5 million), issued by an internationally recognised bank, which bears interest based on three month Euribor and amortises to zero over the ten years to its maturity pursuant to the payment schedule. During the year ended 31 December 2003, a partial repayment of the nominal value of EUR 0.3 million was made and the nominal value (without redemption) decreased by EUR 7.62 million due to credit events in respect of the underlying assets of the note. The Bank created provisions for this financial instrument in the amount of CZK 51 million as of 31 December 2003 (2002: CZK 271 million). As such, the carrying value, net of impairment provisions, is CZK nil as of 31 December 2003 (2002: CZK 30 million). As of 31 December 2003, the Bank sold the series of credit default swaps associated with this transaction (refer also to Note 28). The aggregate impact of this transaction on the Bank’s profit and loss statement was immaterial.
Investments held to maturity Investments held to maturity comprise: CZK million 2003 2003 2002 2002 2001 2001 Carrying Cost Carrying Cost Carrying Cost value value value Fixed income debt securities 97 97 97 97 960 960 Variable yield debt securities 0 0 2,379 2,379 0 0 Total debt securities 97 97 2,476 2,476 960960 Debt securities held to maturity at carrying value comprise: CZK million 2003 2002 2001 Variable yield debt securities – Other currencies 0 2,379 0 Total variable yield debt securities 02,379 0 Fixed income debt securities – Czech crowns 97 97 199 – Other currencies 0 0 761 Total fixed income debt securities 97 97 960 Total debt securities held to maturity 97 2,476 960 Investments held to maturity at carrying value, split by issuer, comprise: CZK million 2003 2002 2001 Debt securities held to maturity issued by – State institutions in the Czech Republic 97 97 199 – Other foreign entities 0 2,379 761 Total debt securities held to maturity 97 2,476 960 As of 31 December 2003, investments held to maturity include mortgage bonds of CZK 97 million (2002: CZK 97 million) that are publicly traded on stock exchanges. In 2002, the held to maturity portfolio included subordinated debts issued by the Bank’s subsidiary Komercni Finance, B. V. of CZK 2,379 million (USD 79 million) at amortised cost, which are not publicly traded. In the second quarter of 2003, these subordinated debts were redeemed before their maturity in accordance with the issue conditions and terms. In accordance with the guidance outlined in IAS 39 in respect of the criteria for categorising financial assets as held to maturity, the Bank held these securities to the date of their early repayment arising from the exercising of the option by Komercni Finance, B. V. to redeem these debts as of 15 May 2003. Komercni Finance, B. V. redeemed these debts in full.
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Investments held to maturity<br />
Investments held to maturity comprise:<br />
CZK million 2003 2003 2002 2002 2001 2001<br />
Carrying Cost Carrying Cost Carrying Cost<br />
value value value<br />
Fixed income debt securities 97 97 97 97 960 960<br />
Variable yield debt securities 0 0 2,379 2,379 0 0<br />
Total debt securities 97 97 2,476 2,476 960960<br />
Debt securities held to maturity at carrying value comprise:<br />
CZK million 2003 2002 2001<br />
Variable yield debt securities<br />
– Other currencies 0 2,379 0<br />
Total variable yield debt securities 02,379 0<br />
Fixed income debt securities<br />
– Czech crowns 97 97 199<br />
– Other currencies 0 0 761<br />
Total fixed income debt securities 97 97 960<br />
Total debt securities held to maturity 97 2,476 960<br />
Investments held to maturity at carrying value, split by issuer, comprise:<br />
CZK million 2003 2002 2001<br />
Debt securities held to maturity issued by<br />
– State institutions in the Czech Republic 97 97 199<br />
– Other foreign entities 0 2,379 761<br />
Total debt securities held to maturity 97 2,476 960<br />
As of 31 December 2003, investments held to maturity include mortgage bonds of CZK 97 million (2002: CZK 97 million) that are<br />
publicly traded on stock exchanges. In 2002, the held to maturity portfolio included subordinated debts issued by the<br />
Bank’s subsidiary Komercni Finance, B. V. of CZK 2,379 million (USD 79 million) at amortised cost, which are not publicly traded.<br />
In the second quarter of 2003, these subordinated debts were redeemed before their maturity in accordance with the issue<br />
conditions and terms. In accordance with the guidance outlined in IAS 39 in respect of the criteria for categorising financial assets as<br />
held to maturity, the Bank held these securities to the date of their early repayment arising from the exercising of the option by<br />
Komercni Finance, B. V. to redeem these debts as of 15 May 2003. Komercni Finance, B. V. redeemed these debts in full.
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