Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • Investegate.co.uk
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  • FETransmission.com
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  • FEAnalytics.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Komercni Banka (KMCA)

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Friday 28 February, 2003

Komercni Banka

Final Results

Komercni Banka
28 February 2003



                PRELIMINARY UNCONSOLIDATED AND UNAUDITED RESULTS

                            OF KOMERCNI BANKA, A. S.

                      FOR THE YEAR ENDED 31 DECEMBER 2002


                                  INTRODUCTION

In accordance with the requirements of the Prague Stock Exchange, Komercni
banka, a. s. (the 'Bank') announces its preliminary, unconsolidated and
unaudited results for the year ended 31 December 2002 prepared in accordance
with both Czech (CAS) and International (IAS) Accounting Standards. The
management will announce its full year audited results on March 31, 2003.



According to Czech Accounting Standards (CAS)

(CZK thousand)                                               December 31, 2002                        December 31, 2001
Profit before tax                                                   11,875,251                                3,386,892
Income tax                                                         (2,646,165)                                (763,250)
Net profit                                                           9,229,086                                2,623,642
Total assets                                                       445,981,759                              429,658,614
Share capital                                                       19,004,926                               19,004,926


According to International Accounting Standards (IAS)

(CZK thousand)                                                           December 31, 2002           December 31, 2001
Net banking income                                                              22,596,371                  23,809,756
Operating costs                                                               (12,760,079)                (15,065,330)
Net operating income                                                             9,836,292                   8,744,426
Provisions for loan and investment losses                                        1,434,733                 (5,333,070)
Income tax                                                                     (2,508,040)                   (879,263)
Net profit                                                                       8,762,984                   2,532,093
Total assets                                                                   439,753,263                 421,720,567
Share capital                                                                   19,004,926                  19,004,926
ROAE                                                                                 30.6%                       11.6%



The Annual General Meeting (AGM) for the year ended 31 December 2002 is expected
to take place in the second half of June 2003. The record date for participation
at the AGM is seven days prior to the AGM date.

The higher 2002 net profit under Czech Accounting Standards is primarily due to
CAS unification of the evaluation of securities with International Accounting
Standards. Since January 2002 the securities held for trading and available for
sale have been booked in fair values also under CAS, the one-off revaluation of
securities resulted in the extraordinary income in CAS. Currently there is no
difference in evaluation of securities under CAS and IAS.



Unconsolidated net profit of Komercni banka for 2002 in accordance with IAS was
CZK 8,763 million representing an increase of 246% compared to 2001. This result
was influenced principally by successful reengineering of Bank's organisation
and processes and release of provisions. Significant events affecting the
year-end results are described below:

                              NET INTEREST INCOME

Net interest income of CZK 12,447 million representing a decrease of 4.2%
compared to 2001 was influenced by continuously declining interest rates (the
CNB repo rate fell from 4.75% to 2.75% during 2002).

                            NET FEES AND COMMISSIONS

The Bank generated Net fees and commissions in the amount of CZK 8,320 million
which represents a year-on-year decrease by 0.9%. This result was affected by
3.3% increase of non-foreign exchange fees and commissions and decline in FX
fees and commissions linked to impact of the introduction of the Euro. Fees and
commissions were also partially negatively impacted by August floods.

                      NET PROFIT FROM FINANCIAL OPERATIONS

Net profit from financial operations achieved a satisfactory result of CZK 1,426
million due to unrealised profits on Government bonds and gains on FX
operations.

                               Net banking income

Net banking income of the Bank reached the amount of CZK 22,596 million
representing a decrease of 5.1% compared to the year-ended 31 December 2001.

                                OPERATING COSTS

The operating costs including both administrative expenses and restructuring
costs totalled to CZK 12,760 million, that is a decrease of 15.3% compared to
the year-end 2001.

The administrative expenses stood at CZK 10,100 million representing a
year-on-year decrease of 7.8%. This is an outcome of efficient cost control
within the Bank, staff reduction in conjunction with centralisation of processes
and savings in the contributions to the Deposit Insurance Fund.

The restructuring costs amounted to CZK 1,007 million and represent costs
incurred in the Bank's rebranding as well as advisory and consultancy expenses
related to the Transformation program and redundancy costs.

                              net operating income

Net operating income of CZK 9,836 million increased by 12.5% compared to 2001.
The main driver of this development was the successful cost control in the Bank.

                   PROVISIONS FOR LOAN AND INVESTMENT LOSSES

The net release of provisions for loan and investment losses amounted to CZK
1,435 million.

The net release of provisions and reserves for loan losses of CZK 1,513 million
reflects release of specific provisions to loans as a result of improving
quality of the Bank's loan portfolio. It also includes partial release of
general reserve following new Czech legal requirements. The current sale of part
of KB non-performing loans has no material impact on the result in 2002.

Net creation of provisions for CDO/CLN amounted to CZK 759 million, which
reflects the deterioration in assets underlying these securities.



The net creation of provisions for investments in subsidiaries and associates of
CZK 339 million was mostly dedicated to restructuring process of Komercni
Pojistovna.

                                   TAX CHARGE

The total income tax amounted to CZK 2,508 million. In 2002 the Bank for the
first time posted deferred tax receivable in the amount of CZK 902 million.



In Prague, February 28, 2003.



                        Alexis Juan                                              Philippe Rucheton
                   Komercni banka, a. s.                                       Komercni banka, a. s.
        Chairman of the Board of Directors and CEO                   Member of the Board of Directors and CFO




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