Annual report 2004 (PDF, 4141 kB) - Unicredit Bank

Supervisory Board Report
The Supervisory Board reviewed the statutory and consolidated financial statements prepared
as at 31 December 2004 together with the Auditor's Report by the company KPMG, which is
the independent auditor of Živnostenská banka, a.s. for the year 2004, and the proposal for
distribution of profit. The Supervisory Board acknowledge the conclusion drawn in the
Auditor's Report that the financial statements clearly evidence the financial situation of
Živnostenská banka, a.s. as at 31 December 2004 and its results for the 2004 accounting
period. Considering the Auditor's Report, the Supervisory Board, based on their activity, state
that the statutory and consolidated financial statements truly reflect assets, liabilities and the
financial situation of Živnostenská banka, a.s. in all substantial matters and have been
prepared in accordance with relevant laws and regulations. Additionally, the proposal for
distribution of profit complies with relevant laws and regulations, the Articles of Association
of Živnostenská banka, a.s. and resolutions of the General Meeting.
In compliance with the Czech laws, Provisions of the CNB and the Articles of Association of
the Bank, the Supervisory Board have been supervising the implementation of the Bank's
business policy and the exercise of authorities by the Board of Directors. The Supervisory
Board held eight regular sessions and always asked for information from all spheres of the
Bank's activities which had a relevant impact on the financial position and the financial
management of the Bank. It approved, among others, a medium-term business plan of the
Bank 2005-2007, its budget and the credit policy for 2005.
The Supervisory Board further state that, based on the statutory and consolidated financial
statements and other documents provided to the Supervisory Board in 2004, it did not identify
any material deficiencies or incorrectness which could lead to the conclusion that the Bank's
bookkeeping was not maintained in accordance with relevant regulations or did not properly
reflect the situation of Živnostenská banka, a.s.
The Supervisory Board reviewed the Report on Relations between the Controlling Person and
the Controlled Person and on Relations between the Controlled Person and Other Persons
Controlled by the Same Controlling Person for 2004 as prepared by the Board of Directors of
Živnostenská banka, a.s. and provided to the Supervisory Board. The Supervisory Board have
no material objections to the Report.
March 2005
Carmine Ferraro
Chairman of the Supervisory Board
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