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Komercni Banka (KMCA)

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Thursday 28 March, 2002

Komercni Banka

Final Results - Part 3

Komercni Banka
28 March 2002


PART 3

Komercni banka, a.s. http://www.kb.cz/kdo_jsme_en



        Komercni banka, a. s.

        Consolidated Financial Statements

        Under Czech Accounting Standards

        Year Ended 31 December 2001



                               Table of Contents



Auditor's Report

Consolidated Profit and Loss Account

Consolidated Balance Sheet


Notes to the Consolidated Financial Statements


        Appendix 1 - Organisational Structure of the Group

        Appendix 2 - Principal Description of the Group Companies

        Appendix 3 - Structure of the Bank's Fixed Asset Investments



Unconsolidated Financial Statements of Komercni banka, a. s. - Appendix 4



            AUDITORS' REPORT TO SHAREHOLDERS OF KOMERCNI BANKA, a.s.



We have audited the accompanying consolidated financial statements of Komercni
banka, a.s. for the year ended December 31, 2001. The Board of Directors is
responsible for the preparation of the financial statements and for maintaining
accounting records in accordance with relevant laws and regulations. Our
responsibility is to express an opinion on the financial statements, taken as a
whole, based on our audit.


We conducted our audit in accordance with Act on Auditors and the auditing
standards issued by the Chamber of Auditors. Those standards require that we
plan and conduct the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatements. An audit
includes examining, on a test basis, the accounting records and other evidence
supporting the amounts and disclosures in the consolidated financial statements.
An audit also includes an assessment of the accounting principles used and
significant estimates made by the Company in the preparation of the consolidated
financial statements, as well as evaluation of the overall consolidated
financial statements presentation. We believe that our audit provides a
reasonable basis for our opinion on the consolidated financial statements.

In our opinion, the consolidated financial statements present fairly, in all
material respects, the assets, liabilities and equity of the Komercni banka
Group as of December 31, 2001, and the results of its operations for the year
then ended in accordance with Act on Accounting and relevant accounting
regulations.




Prague, 26 March 2002



Audit firm: Statutory auditor:



Deloitte & Touche spol. s r.o. Michal Petrman

License no. 79 License no.1105





Consolidated Profit and Loss Statement

for the Year Ended 31 December 2001


                                                                                              2001             2000
                                                                                              CZKm             CZKm
1.    Interest income and similar income                                                    29 002           29 861
      of which: interest income from fixed income securities                                 3 036            2 393
2.    Interest expense and similar expense                                                 -15 214          -16 808
      of which: interest expense on fixed income securities                                 -3 322           -2 074
3.    Income from variable yield securities                                                      0                3
      of which:
      (a) Income from shares and other variable yield securities                                 0                3
      (b) Income from investments in associated undertakings                                     0                0
      (c) Income from investments in subsidiary undertakings                                     0                0
      (d) Income from other investments                                                          0                0
4.    Fees and commissions income                                                            6 835            5 706
5.    Fees and commissions expense                                                            -825           -1 215
6.    Profit/(loss) on financial operations                                                  3 143            2 626
7.    Other income                                                                           5 533           40 682
8.    General operating costs                                                              -13 485          -13 535
      of which:
      (a) Staff costs a) naklady na zamestnance                                             -6 489           -5 625
      (b) Other operating costs b) ostatni provozni naklady b) ostatni provozni             -6 996           -7 910
      naklady
9.    Creation of reserves and provisions for tangible and intangible assets                -1 526             -574
      of which:
      (a) Creation of reserves for tangible assets                                             -50               -5
      (b) Creation of provisions for tangible assets                                        -1 146             -348
      (c) Creation of provisions for intangible assets                                        -330             -221
10.   Use of reserves and provisions for tangible and intangible assets                        354               11
      of which:
      (a) Use of reserves for tangible assets                                                    0               11
      (b) Use of provisions for tangible assets                                                 85                0
      (c) Use of provisions for intangible assets                                              269                0
11.   Other costs                                                                           -4 357          -55 758
12.   Creation of provisions and reserves for loans and guarantees                         -10 909          -19 892
13.   Use of provisions and reserves for loans and guarantees                                6 514           28 669





    
                                                                                              2001             2000
                                                                                              CZKm             CZKm
14.   Creation of provisions and reserves for fixed asset investments and other             -4 594           -1 871
      financial investments
15.   Use of provisions and reserves for fixed asset investments and other                   3 136            1 970
      financial investments
16.   Creation of other provisions and reserves                                             -5 085           -1 993
17.   Use of other provisions and reserves                                                   3 192            1 652
18.   Extraordinary income Mimoradne vynosy Mimoradne vynosy                                   830              295
      of which: amortisation of negative goodwill                                                0               72
19.   Extraordinary expense Mimoradne naklady Mimoradne naklady                               -276              -68
      of which: amortisation of goodwill                                                         0                0
20.   Profit/(loss) for the accounting period before minority interest                       2 268             -239
21.   Share of profit/(loss) in equivalence                                                    206              415
22.   Minority profit/(loss) for the accounting period                                         -57                0
23.   Profit/(loss) for the accounting period                                                2 417              176





Signature of the statutory body:



Alexis Juan Chairman of the Management Board



Tomas Spurny Member of the Management Board



On 26 March 2002



Consolidated Balance Sheet

as of 31 December 2001



ASSETS
                                                                                          2001                 2000
                                                                                          CZKm                 CZKm
1.       Cash in hand, deposits with central banks, postal checking                     17 553               21 047
         accounts
2.       Treasury bills and other bills eligible for refinancing with the               96 450               78 018
         CNB
         (a) Treasury bills and similar bonds issued by the state                       15 517               11 825
         (b) Other bills                                                                80 933               66 193
3.       Amounts due from banks                                                        157 715              177 074
         (a) Payable on demand                                                             265                  847
         (b) Other receivables                                                         157 450              176 227
         of which: subordinated assets                                                       0                    0
4.       Amounts due from customers                                                    195 316              134 463
         (a) Payable on demand                                                           2 011                1 041
         (b) Other receivables                                                         193 305              133 422
         of which: subordinated assets                                                       0                    0
5.       Bonds and other fixed income securities for trading                             5 476                3 751
         (a) Issued by banks                                                             1 056                1 114
         of which: own bonds                                                               242                  680
         (b) Issued by other entities                                                    4 420                2 637
6.       Shares and other variable yield securities for trading                            168                  244
7.       Fixed asset investments in equivalence                                            937                1 036
8.       Fixed asset investments in entities excluded from consolidation                   231                  324
9.       Goodwill                                                                            0                    0
10.      Other financial investments                                                    36 107               42 765
11.      Intangible assets                                                               1 214                  896
12.      Tangible assets                                                                11 141               12 585
         (a) Land and buildings for banking activities                                   7 730                9 327
         (b) Other                                                                       3 411                3 258
13.      Treasury shares                                                                   179                    0
14.      Other assets                                                                   11 816                8 361
15.      Subscribed capital called-up and not paid                                           0                    0
16.      Prepayments and accrued income                                                  1 460                4 198
         Total assets                                                                  535 763              484 762






Consolidated Balance Sheet

as of 31 December 2001



liabilities
                                                                                          2001                 2000
                                                                                          CZKm                 CZKm
1.       Amounts owed to banks                                                         126 376              107 504
         (a) Payable on demand                                                           3 543                6 119
         (b) Other liabilities                                                         122 833              101 385
2.       Amounts owed to customers                                                     286 856              279 495
         (a) Savings deposits                                                           21 386               24 854
         of which: payable on demand                                                     1 494                1 692
         (b) Other liabilities                                                         265 470              254 641
         of which: payable on demand                                                   142 170              123 449
3.       Certificates of deposit and similar debentures                                 60 229               38 254
         (a) Certificates of deposit                                                         1                    1
         (b) Other                                                                      60 228               38 253
4.       Accruals and deferred income                                                      763                2 579
5.       Reserves                                                                       13 983               10 380
         (a) Reserves for standard loans and guarantees                                  9 715                8 184
         (b) Reserves for foreign exchange rate losses                                       2                    2
         (c) Reserves for other banking risks                                            1 258                    4
         (d) Other reserves                                                              3 008                2 190
6.       Subordinated liabilities                                                        7 335                7 563
7.       Other liabilities                                                              16 622               17 992
8.       Share capital (net of minority interest)                                       19 005               19 005
         of which: share capital paid-up                                                19 005               19 005
9.       Capital funds (net of minority interest)                                          289                  620
10.      Reserve funds and other funds from profit (net of minority                        697                  470
         interest)
             Reserve funds                                                                 696                  468
             (b) Other (net of retained profit/accumulated losses brought                    1                    2
             forward)

11.      Retained earnings/accumulated losses brought forward (net of                      343                  343
         minority interest)
12.      Consolidation reserve fund                                                        641                  381
13.      Negative goodwill                                                                   0                    0
14.      Profit/(loss) for the accounting period net of minority interest                2 211                 -239
         and share of profit/(loss) in equivalence
15.      Income from share in associated understakings                                     206                  415
16.      Minority interest                                                                 207                    0
         Total liabilities                                                             535 763              484 762




off balance sheet
                                                                                          2001                 2000
                                                                                          CZKm                 CZKm
1.       Total contingent liabilities                                                   19 551               28 084
         of which:
             (a) Received bills of exchange/acceptances and endorsements                    20                    5
             of bills of exchange

         (b) Commitments from guarantees                                                19 531               28 068
         (c) Commitments from collateral                                                     0                   11
2.       Other irrevocable commitments                                                  31 481               34 795
3.       Receivables from spot, forward and option transactions                        407 737              275 161
4.       Payables under spot, forward and option transactions                          406 135              274 755



Signature of the statutory body:


Alexis Juan Chairman of the Management Board

Tomas Spurny Member of the Management Board




On 26 March 2002



Financial group of Komercni banka, a. s.





 these notes form an integral part of the consolidated financial statements for
                                 the year ended
                                31 december 2001





Background information



The consolidated financial statements of the Financial Group of Komercni banka,
a. s. for the year ended 31 December 2001 provide information on the results of
operations and assets and liabilities of the whole Group.



The consolidation group consists of Komercni banka, a.s. (the 'Bank'), whose
unconsolidated financial statements are attached hereto as Appendix 4, and its
subsidiary and associated companies (the 'Group'). The year ended 31 December
2001 saw several changes to the structure of the financial group that were also
reflected in the structure of the consolidation group as set out in Appendix 1.
When compared to the year ended 31 December 2000, the consolidation group has
excluded ALL IN, a. s. ('ALL IN') which was placed into liquidation as of 1
April 2001. For the same reason, the consolidation group has excluded from the
consolidation ALL IN's wholly owned subsidiary ALL IN REAL ESTATE LEASING, s. r.
o., and a 25 percent equity investment in A-TRADE, s. r. o., held by these
entities.



In the first half of 2001, the Bank acquired a 100 percent equity interest in
two companies (Reflexim, a. s., and ASIS a. s) and transformed these investments
into wholly owned and controlled subsidiaries. The Bank transferred
approximately 450 staff and the related support operations to Reflexim, a. s.
and approximately 250 staff and the related information technology user support
and other activities to ASIS, a. s.



As was the case in prior accounting periods, Penzijni fond Komercni banky, a.s.
whose equity capital is held wholly by the Bank has been excluded from
consolidation due to legal restrictions on pension funds regarding the
distribution of profits.







The consolidation group consists of the following entities (refer to Note (h):




    Komercni banka, a. s., Praha

    Investicni kapitalova spolecnost KB, a. s., Praha

    Komercni banka Bratislava, a. s., Bratislava

    Komercni pojistovna, a. s., Praha

    Komercni Finance B. V., Amsterdam

    Factoring KB, a. s., Praha

    Reflexim, a. s., Praha

    ASIS, a. s., Praha

    A-TRADE, s. r. o., Praha

    MUZO, a. s., Praha

    CAC Leasing, a. s., Praha including the following subsidiaries and
    associates:

        Allrisk-CAC pojistovaci maklerska, s. r. o., Praha

        RENAULT LEASING CZ, s. r. o., Praha

        CAC LEASING Slovakia, a. s., Bratislava



Vseobecna stavebni sporitelna KB, a. s., Praha



CAC LEASING Slovakia, a. s., Bratislava





(a) Information disclosed in the notes to the annual financial statements
pursuant to the Ministry of finance Regulation applicable to banks



The parent Bank is the controlling entity in the consolidation group. Detailed
information on the Bank's assets, liabilities, equity, financial position and
results of operations is provided in the unconsolidated financial statements of
the Bank for the year ended 31 December 2001 together with the auditor's report
(refer to Appendix 4). Likewise, specific information related to other entities
of the consolidation group is disclosed in the financial statements of these
individual companies for the year ended 31 December 2001.





(b) Information important to assess the financial position of the consolidation
group



Specific events impacting the Group's results for the year ended 31 December
2001



The Group generated a net profit of CZK 2,417 million for the year ended 31
December 2001 (2000: a profit of CZK 176 million). This profit figure also
reflects the Income from share of associated undertakings totalling CZK 206
million (2000: a profit of CZK 415 million).

Specific events impacting the Group's result for the year ended 31 December 2001
principally relate to the parent Bank and are described in Note 2 of Appendix 4
which includes the Bank's unconsolidated financial statements for the year ended
31 December 2001.

For the year ended 31 December 2001, the Bank has excluded from consolidation
ALL IN, a. s., ALL IN REAL ESTATE LEASING, s. r. o. ('AIREL') and a 25 percent
equity investment in A-TRADE, s. r. o. held by ALL IN and AIREL.

These companies were excluded from consolidation in the value of their equity at
the date of exclusion. The aggregate impact of these transactions on the Group's
profit and loss statement was CZK (17) million. ALL IN is recognised in the
financial statements for the year ended 31 December 2001 as an unconsolidated
subsidiary at net book value (net of provisions) and AIREL is not recognised at
all as this entity was not held directly by the Bank but through its subsidiary
ALL IN which was excluded from the consolidation.


The results and assets of the Group were impacted by the following events:

In addition to the exclusion of the above companies from consolidation, the
Group included two new subsidiaries of the Bank during the year ended 31
December 2001, that is, ASIS, a. s., which provides information technology
services and Reflexim, a. s., which provides the Bank with comprehensive
facilitation management support services. In the future, both entities are
expected to provide their services also to group companies other than the Bank.

The Group has consolidated its interest in MUZO, a. s. for the year ended 31
December 2001. In prior accounting periods, MUZO was accounted for as an
associate and consolidated using the equity method of accounting. Management
considers that the Group, directly or indirectly, has the power to exercise
control over the financial and operating policies of MUZO. Spolecnost pro
informacni databaze, a. s. is fully owned and controlled by MUZO but has been
dormant for the accounting period ended 31 December 2001.



Komercni pojistovna, a. s. incurred significant losses in the year ended 31
December 2001 principally related to the continuing substantial acquisition
costs associated with its life insurance portfolio, unprofitability of its third
party motor liability insurance and losses incurred in the settlement of
liabilities arising from its industrial commercial insurance portfolio. These
losses primarily follow the review of the adequacy of the technical reserves for
its lines of business and a reassessment of the accounting treatment of the
Komercni pojistovna's share in the auto insurance deficit administered by the
Czech Bureau of Insurance. In December 2001, the Bank approved the plan to
increase the company's share capital by 1,050 shares of ordinary stock in the
aggregate amount of CZK 105 million (nominal value of one share being CZK 100
thousand) at an issue rate of CZK 275 thousand per share. Following the
resolution of its sole shareholder, Komercni pojistovna filed a proposal to
update the corporate details held at the Register of Companies maintained by the
Municipal Court in Prague. In January 2002, the Bank made a cash deposit of CZK
288.75 million in Komercni pojistovna. Of this balance, CZK 105 million
represents the nominal value of the issued shares (share capital increase of
Komercni pojistovna) and CZK 183.75 million is the share premium amount. The
aggregate capital increase amounts to CZK 288.75 million. The management of the
Bank is currently reviewing the options available to it in further
recapitalising and restructuring this business. The Bank has indicated that it
will continue to provide financial support to Komercni pojistovna, a.s. such
that it is able to meet legal and regulatory requirements applicable to the
entity.



Following the decision made by the Group in 2000, preparations are underway to
sell A-TRADE, s. r. o. In this context, the entity is being transformed from a
limited liability company to a joint stock company.



The Bank's investment in the consolidated subsidiary and associated undertakings
totalled, at cost, CZK 1,712 million as of 31 December 2001.


(c) Consolidation methods and basis of carrying value of the components of
consolidated balance sheet and profit and loss statement

The Bank adopted the following methods in the preparation of the consolidated
financial statements:

(a) Full consolidation method for subsidiary undertakings;

(b) Equity method for associated undertakings.


The consolidation process was conducted on two levels, that is consolidated
financial statements were prepared in respect of a sub-consolidation group CAC
LEASING, a. s. (CAC LEASING, a. s., Allrisk - CAC pojistovaci maklerska, s.r.o.,
RENAULT LEASING CZ, s.r.o. and CAC LEASING Slovakia, a. s.) which were included
in the consolidated financial statements of the Group.


The company CAC LEASING Slovakia, a. s. was accounted for under the equity
method of consolidation as part of the above noted sub-consolidation group CAC
LEASING, a. s. Additionally, the holdings of 10 percent and 20 percent of the
Bank and Komercni banka Bratislava, a. s., respectively, were consolidated
directly under the equity method of accounting.


As was the case in prior years, all subsidiary and associated companies, with
the exception of Penzijni fond Komercni banky, a. s., were consolidated. In
2001, Penzijni fond Komercni banky, a.s. was excluded from consolidation due to
legal restrictions on pension funds regarding the distribution of profits.



In addition, the consolidation group includes CAC LEASING Slovakia, a. s., where
the Bank holds 10 percent of the issued share capital, because Komercni banka
Bratislava, a. s., and CAC LEASING, a. s. hold equity interests in this entity
in addition to the holding of the Bank.



The valuation policies applicable to assets and liabilities in the consolidated
balance sheet is based on applicable regulations and is described in Note 3 in
Appendix 4.

(d) Translation of foreign currencies in the consolidated financial statements

Information about the translation of foreign currencies in the consolidated
financial statements can be found at Note 3 in Appendix 4.

(e) Information on consolidation rules


Consolidation rules issued by the Bank setting out the procedures to be adopted
in the preparation of the Group's consolidated financial statements for the year
ended 31 December 2001 were prepared in accordance with regulations issued by
the Finance Ministry, ref. no. 282/9 090/1994 of 18 February 1994, as amended,
and comprise all prescribed particulars.


(f) Matters preventing comparability of items in the consolidated financial
statements between periods, and matters facilitating comparison and
presentation of changes in the consolidation group, if deemed material

The consolidated financial statements reflect the financial statements of
subsidiaries and associated undertakings which are prepared under three
different charts of accounts pursuant to their business activities (for banks,
businessmen and insurance companies). Transfer bridges are employed to ensure
comparability between the individual types of charts of accounts noted above.

(g) Reasons for changes in shareholders' equity of the consolidation group
between two periods

When compared to the year ended 31 December 2000, the consolidated equity of the
Group increased by approximately CZK 2,397 million. This was primarily
attributable to the level of profits generated by the parent Bank.


(h) Organisational scheme of the Group (refer to Appendix 1) including
names, registered offices, ownership percentage and changes from the prior
period

The consolidation group is composed of the following entities:


           company                 level of               investments in %                  principal operations
                                  influence

Komercni banka, a. s.           Parent company                                         Banking services in accordance
                                                                                      with Sections 1 and 2 of Banking
Praha 1                                                                                        Act 21/92 Coll.

Na Prikope 33

Established: 5/3/1992


Investicni kapitalova             Subsidiary    100 % Komercni banka, a. s.           Collection of finance for the
spolecnost KB, a. s.             undertaking                                          purpose of its further
                                                                                      utilisation in participation in
Praha 1                                                                               business activities under
                                                                                      Act 248/1992 Coll.
Dlouha 34/713

Established: 27/3/1991


Komercni banka Bratislava, a.     Subsidiary    100 % Komercni banka, a. s.           Comprehensive banking services in
s.                               undertaking                                          the Slovak Republic

Bratislava

Medena 6

Established: 1/6/1995


Komercni pojistovna, a.s.         Subsidiary    100 % Komercni banka, a. s.           Insurance, reinsurance and
                                 undertaking                                          protection activities
Praha 1

Jindrisska 17/889

Established: 1/9/1995


Komercni Finance B. V.            Subsidiary    100 % Komercni banka, a. s.           Issuance of bonds and provision
                                 undertaking                                          of loans to shareholders
Amsterdam

Drentestaete

Drentestraat 24

Established: 2/5/1996


Factoring KB, a. s.               Subsidiary    100 % Komercni banka, a. s.           Provision of factoring and
                                 undertaking                                          forfaiting services
Praha 1

Na Porici 36

Established: 4/8/1997
Reflexim, a. s.                   Subsidiary    100 % Komercni banka, a. s.            Support activities (operations)
                                 undertaking
Bolzanova 3/1679

Praha 1

Established: 8/1/2001


ASIS, a. s.                       Subsidiary    100 % Komercni banka, a. s.            Support activities (information
                                 undertaking                                                     technology)
nam. OSN 1/844

Praha 9

Established: 14/12/2000
MUZO, a. s.                       Subsidiary    49.90 % Komercni banka, a. s.         Controlling and information
                                 undertaking                                          systems - training, advisory,
Praha 1                                         20.86 % Tarpa Securities              data processing, provision of
                                   (51.2 %)                                           software, lease of machines,
Jindrisska 24                                   (Amsterdam)                           equipment, ATMs, etc

Established: 26/10/1990                         9.80 % CSOB, a. s

                                                9.80 % GE Capital Bank, a. s.

                                                2.94 % Raiffeisenbank

                                                2.69 % CAC LEASING, a. s.

                                                and other shareholders under 2 %
                                                investments


A - TRADE, s. r. o.               Subsidiary    75 % Komercni banka, a.s.             Purchase of goods for resale,
                                 undertaking                                          mediation in the area of trade
Praha 1                                         17.9 % ALL IN, a. s.                  and investments, real estate
                                    (75 %)                                            activity, business, financial,
Truhlarska 18/1118                                                                    organisation and economic
                                                        7.1 % ALL IN REAL ESTATE      advisory
Established: 30/6/1995                                  LEASING, s.r.o.







                                  level of               investments in %                 principal operations
                                 influence
           company


CAC Leasing, a. s.               Associated    50 % Komercni banka, a. s.           Finance lease and other types of
                                undertaking                                         lease,
Praha 5
                                                   35 % Bank Austria Creditanstalt  purchase of goods for resale and
Janackovo nabr. 55/140                             Leasing, GmbH                    sale, organisation and economic
                                                                                    advisory, accounting advisory,
Established: 27/2/1991                         15 % Bank Austria AG                 factoring


Allrisk - CAC pojistovaci        Subsidiary    51 % CAC LEASING, a.s.               Agency activities of sales and
maklerska, s.r.o.               undertaking                                         services, advisory services in
                                                                                    trading and services, marketing,
Praha 5                                            49 % Allrisk ceska pojistovaci a market research and evaluation,
                                                   maklerska, s.r.o.                agency services related to the
nam. Kinskych 78/7                                                                  conclusion of insurance
                                                                                    contracts for underwriters with
Established: 23/11/1998                                                             registered offices in the Czech
                                                                                    Republic


RENAULT LEASING CZ, s.r.o.       Associated    50 % CAC LEASING, a. s.              Lease of industrial goods,
                                undertaking                                         purchase of goods for resale and
Praha 5                                                                             sale, economic advisory,
                                                   50 % RENAULT CREDIT              factoring, agency services
Janackovo nabr. 55/140                             INTERNATIONAL Banque, a. s.,     related to sales and services
                                                   (France)
Established: 1/1/1999


CAC LEASING Slovakia, a. s.      Associated                                         Purchase of goods for resale,
                                undertaking        40 % CAC LEASING, a. s.          financial lease and other types
Bratislava                                                                          of lease, organisation and
                                                   21 % Bank Austria Creditanstalt  economic advisory
Hurbanovo nam. 1                                   Leasing (Austria)

Established: 31/10/1997                            20 % Komercni banka Bratislava ,
                                                   a. s.

                                                   10 % Komercni banka, a. s.

                                                   9 % HVB Bank Slovakia (Slovakia)



Vseobecna stavebni sporitelna    Associated    50 % BHW Holding, GmbH               Building savings
KB, a. s.                       undertaking
                                               40 % Komercni banka, a. s.
Praha 2
                                               10 % Ceska pojistovna, a. s.
Belehradska 128

Established: 9/12/1993





For principal description of the companies included in the consolidation group
refer to Appendix 2.




    (i) Summary of all fixed asset investments of the Bank included in the Group
    including names, registered office of the companies and ownership percentage
    in companies excluded from consolidation (refer to Appendix 3)

    (j) Date of the preparation of the financial statements of the companies
    included in the consolidation group

The audited financial statements of companies included in the consolidated
financial statements were prepared as of and for the year ended 31 December
2001.


(k) Plan for the amortisation of 'positive goodwill and negative goodwill'



The Group amortises negative goodwill into extraordinary income in the
consolidated profit and loss statement on a straight line basis over five years.
The Group does not recognise positive or negative goodwill as of 31 December
2001.


(l) Total loans received collateralised by assets of the companies included
in the consolidation group and their description (CZKm)

The Group has no loans received collateralised by assets of the companies
included in the consolidation.





(m) Intercompany loans


Komercni banka, a. s.                                                    7 252 subordinated loan
Investicni kapitalova spolecnost KB, a. s.   no loan received
Komercni banka Bratislava, a. s.                                            86 short-term loan
Komercni pojistovna, a. s.                   no loan received
Komercni Finance B. V.                       no loan received
Factoring KB, a. s.                                                         47 overdraft facility

                                                                           263 short-term loan
Reflexim, a. s.                              no loan received
ASIS, a. s.                                  no loan received
A - TRADE, s. r. o.                          no loan received                  short-term loan
MUZO, a. s.                                                                495 long-term loan
CAC Leasing, a. s.                                                         890 overdraft facility
Vseobecna stavebni sporitelna                                              663 short-term loan

KB, a. s.
CAC LEASING Slovakia, a. s.                                                 50 mid-term loan
Total                                                                    9 746







(n) Total remuneration to the members of statutory and supervisory bodies (CZK '000)


                                                          Statutory body                Supervisory body

Komercni banka, a. s.                                                    205 417                          29 416
Investicni kapitalova spolecnost                                           1 080                             416

KB, a. s.
Komercni banka Bratislava, a. s.                                             688                             141
Komercni pojistovna, a. s.                                                     0                             257
Komercni Finance, B. V.                                                        -                               -
Factoring KB, a. s.                                                          337                               0
Reflexim, a. s.                                                                0                               0
ASIS, a. s.                                                                  255                               0
A - TRADE, s. r. o.                                                            0                               0
CAC Leasing, a. s.                                                           600                             457
MUZO, a. s.                                                                1 776                             984
Vseobecna stavebni sporitelna                                                543                             482

KB, a. s.
CAC LEASING Slovakia, a. s.                                                    0                             681
Total                                                                    210 696                          32 834





The above table shows only the remuneration that does not arise from employment
and does not include directors' fees.

(o) Total financial commitments to third parties not reported on the face of
the consolidated balance sheet

The Group has no financial commitments to third parties that are not reported on
the face of the consolidated balance sheet.


(p) Total advances and loans provided to the members of statutory and
supervisory bodies

The Bank granted loans to managers amounting to CZK 3,142 thousand.

Other entities included in the consolidation group provided no advances or loans
to the members of their statutory, management or supervisory bodies.

(q) Purchase of Societe Generale's Prague branch



The planned acquisition of the business of Societe Generale's Prague branch and
its integration into the Bank will form an integral part of the transformation
process. Under this transaction, the Bank will acquire the assets and
liabilities of the business and transfer all its clients and staff. The
transaction was approved by the Bank's Management Board and Supervisory Board on
11 December 2001 and 14 February 2002, respectively. In December 2001, the
Bank's Executive Committee approved the principal conditions and timing of all
the processes associated with the purchase of the business. The purchase of the
business of Societe Generale's Prague branch must be approved by the Bank's
Extraordinary General Meeting which is scheduled to take place on 28 March 2002.
The purchase of the business is also subject to the prior consent of the Czech
National Bank.



The date of acquisition of the business of Societe Generale's Prague branch is
set as of 31 March 2002, at which time all the assets and liabilities specified
in the Business Purchase Agreement will be acquired by the Bank and recognised
in the Bank's statutory books at fair value. Pursuant to an independent
appraisal, the purchase price of the business has been determined to be CZK
1,030 million. The difference between the purchase price and the fair value of
the acquired assets and liabilities as of the acquisition date will be
recognised as goodwill in the Bank's assets.


Signature of the statutory body:

Alexis Juan Chairman of the Management Board

Tomas Spurny Member of the Management Board



On 26 March 2002



        Appendix 1 - Organisational Structure of the Group

        A picture is not included in material sending through RNS.

        Appendix 2 - Principal Description of the Group Companies



Fundamental description of companies included in the Group - subsidiary and
granddaughter companies of KB (CZK thousand)
            Company           KB's      Share      KB's       KB's
                           influence   capital    equity     equity
                                        Total    interest  interest %
                                                   CZK
                                                 thousand

1.    Komereni banka, a.     parent      19 004     -          -
      s.                    company         926
2.    Investieni           subsidiary    50 000     50 000     100,00
      kapitalova
      spoleenost KB, a. s.
3.    Komereni banka       subsidiary   374 030    374 030     100,00
      Bratislava,

      a. s.
      SKK thousand                      500 000    500 000
4.    Komereni pojisovna,  subsidiary   450 000    450 000     100,00
      a. s.
5.    Komercni Finance, B. subsidiary       580        580     100,00
      V.
      NLG thousand                           40         40
6.    Factoring KB, a. s.  subsidiary    84 000     84 000     100,00
7.    Reflexim, a. s.      subsidiary     1 000      1 000     100,00
8.    ASIS, a. s.          subsidiary     1 000      1 000     100,00
9.    A - TRADE, s. r. o.  subsidiary   280 000 210 000 KB 75,00 KB

                                                50 000 ALL 17,9 ALL
                                                IN         IN

                                                20 000     7,1 AIREL
                                                AIREL
10.   MUZO, a. s.          subsidiary   102 000 50 900 KB  49,90 KB

                                                2 748 CAC  2,694 CAC

                                                LEASING    LEASING




           Company        Profit  Shareholders'   Total        Notes
                           (+)       Equity       assets

                         Loss (-)
1.   Komereni banka, a.     2 623    22 639 160    525 287     Full
     s.                       642                      745 consolidation
2.   Investieni            28 711       196 402    241 055     Full
     kapitalova                                            consolidation
     spoleenost KB, a.
     s.
3.   Komereni banka        28 978       418 788  5 973 810     Full
     Bratislava,                                           consolidation

     a. s.
     SKK thousand          38 738       559 832  7 985 737
4.   Komereni pojisovna, -712 617      -433 464  3 078 931     Full
     a. s.                                                 consolidation
5.   Komercni Finance,        762         1 343  7 309 805     Full
     B. V.                                                 consolidation
     NLG thousand              53            93    503 708
6.   Factoring KB, a. s.    9 676       108 183  2 197 178     Full
                                                           consolidation
7.   Reflexim, a. s.        4 297         5 931     41 511     Full
                                                           consolidation
8.   ASIS, a. s.            6 819         7 969     41 617     Full
                                                           consolidation
9.   A - TRADE, s. r. o.  -14 681        18 035     43 205     Full
                                                           consolidation
10.  MUZO, a. s.          125 038       406 528  1 079 770     Full
                                                           consolidation







Fundamental description of companies included in the Group - associated
companies of KB (CZK thousand)

      Company                                            KB's influence  Total share     KB's equity  KB's equity
                                                                         capital         instrument   instrument %
                                                                                         CZK
11.   CAC LEASING, a. s.           Finaneni leasing a    associate        226000       113000                 50
                                   ostatni druhy
                                   leasingu
11.1. Allrisk-CAC pojisovaci                             subsidiary         1000          510         51,00
      makleoska makleoska, s. r.
      o.                                                                                              CAC LEASING
11.2. RENAULT LEASING CZ, s. r. o.                       associate                 50000        25000 50,00

                                                                                                      CAC LEASING
11.3. CAC LEASING Slovakia, a. s.  Finaneni leasing a    associate                 37403 14 961 CAC   40 % CAC
                                   ostatni druhy
                                   leasingu, koupi zboi                                  7 481 KBB    20 % KBB
                                   za ueelem prodej,
                                   einnost org. a ek.                                    3 740 KB     10 % KB
                                   poradcu
      SKK thousand                                                                 50000 20 000 CAC

                                                                                         10 000 KBB

                                                                                         5 000 KB
12.   Vseobecna stavebni           Stavebni spooeni      associate                500000       200000        40
      spooitelna KB, a. s.




      Company                        Profit (+) /  Shareholders    Total assets    Notes
                                     Loss (-)      equity
11.   CAC LEASING, a. s.                    155719          636066        19690075 Equity
                                                                                   consolidation
11.1. Allrisk-CAC pojisovaci                 15041           16451          140176 Full consolidation
      makleoska makleoska, s. r. o.
11.2. RENAULT LEASING CZ, s. r. o.          -29098            4878         3066408 Equity
                                                                                   consolidation
11.3. CAC LEASING Slovakia, a. s.         76620,79        174297,2         6505796 Equity
                                                                                   consolidation
      SKK thousand                          102426          232999         8696891
12.   Vseobecna stavebni spooitelna         206171         1311561        30982374 Equity
      KB, a. s.                                                                    consolidation












        Appendix 3 - Structure of the Bank's Fixed Asset Investments

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