KB prezent. angl - Komerční banka

092 ➔093
Unconsolidated Financial Statements
under CAS
Company name and legal status Investments Provisions Net book
CZK million
value
Subsidiary undertakings
Komerční pojišťovna, a. s. 1,508 (1,219) 289
Komerční banka Bratislava, a. s. 433 0 433
Penzijní fond Komerční banky, a. s. 230 0 230
Factoring KB, a. s. 90 0 90
Investiční kapitálová společnost KB, a. s. 75 0 75
MUZO, a. s. 61 0 61
ASIS, a. s. v likvidaci 1 0 1
Komercni Finance, B. V. 1 0 1
ALL IN, a. s., v likvidaci 45 (21) 24
Total subsidiary undertakings as of 31 December 2003 2,444 (1,240) 1,204
Total subsidiary undertakings as of 31 December 2002 2,425 (1,172) 1,253
Total subsidiary undertakings as of 31 December 2001 1,640 (752) 888
Associated undertakings
Všeobecná stavební spořitelna Komerční banky, a. s. 220 0 220
CBCB – Czech Banking Credit Bureau, a. s. 0 0 0 *
Total associated undertakings as of 31 December 2003 220 0 220
Total associated undertakings as of 31 December 2002 335 0 335
Total associated undertakings as of 31 December 2001 335 0 335
Total equity investments as of 31 December 2003 2,664 (1,240) 1,424
Total equity investments as of 31 December 2002 2,760 (1,172) 1,588
Total equity investments as of 31 December 2001 1,975 (752) 1,223
Note: * The value of CBCB – Czech Banking Credit Bureau, a. s. is CZK 240 thousand.
Changes in equity investments in 2003
In June 2003, the Bank sold its 100 percent equity interest in Reflexim, a. s. In the same month, the Bank also disposed of its
50 percent shareholding in CAC Leasing, a. s. and 10 percent shareholding in CAC Leasing Slovakia. The Bank made aggregate pre-tax
gains of CZK 783 million on the sale of these shareholdings.
ASIS, a. s. in which the Bank maintains a 100 percent holding, was placed into liquidation in June 2003. The liquidation is expected to
be completed by mid-2004.
In September 2003, the Bank entered into an agreement to increase the share capital of Franfinance Consumer Credit, s. r. o. from
CZK 120 million to CZK 245 million and became the majority shareholder of the entity owning 51 percent of its issued share capital.
Given that the share capital increase was not registered in the Register of Companies as of 31 December 2003, the Bank does not
report the equity investment in Franfinance Consumer Credit, s.r.o. in its financial statements for the year ended 31 December 2003.
The funding of CZK 125 million provided by the Bank to increase Franfinance’s share capital is reported in other assets within
Other receivables from customers. The share capital increase was registered and the result of the transaction was recognised in the
Bank’s books February 2004. Franfinance Consumer Credit, s. r. o. acquired 100 percent of the issued share capital of Essox, a. s. in
December 2003. This transaction was settled in 2003.
In December 2003, the Bank entered into an agreement to sell 52.6 percent of the issued share capital of MUZO, a. s. (49.9 percent
held directly by the Bank, and 2.7 percent held indirectly by the Bank through an option contract) for USD 34.7 million. The transaction
was settled and its result was recognised in the Bank’s books in February 2004.
The decrease in Komerční pojišťovna’s equity during 2003 has triggered the Bank’s decision to charge an additional provision of
CZK 92 million against this investment. As of 31 December 2003, the Bank, in its capacity as the sole shareholder of Komerční
pojišťovna, decided to boost the equity of this entity with the objective of offsetting losses incurred in 2003 and prior years. The share
capital increase amounting to CZK 200 million will be made and recognised in the Bank’s books in the year ending 31 December 2004.