Annual Report - VÃB banka

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The goodwill is reviewed for impairment annually or more frequently, if events or changes in circumstances indicate that the carrying value may be impaired. In terms of IFRS 3, both B.O.F., a.s. and CFH are considered to be one cash generating unit. Goodwill related to B.O.F., a.s. will be tested for impairment for the fi rst time in 2008 as the reporting date is very close to the acquisition date. The basis on which the recoverable amount of CFH has been determined is the value in use. The VUB Group has used the most recent budgets and forecasts as a basis for estimating the expected future cash fl ows. Key assumptions used in the cash fl ow projections were the development of margins and volumes by product line. According to the product curve, maturing products, such as installment loans, have been forecasted with a stable or slightly decreasing volume and decreasing margins assuming that the market share of CFH is kept constant. More recent product lines, such as credit cards, have been forecasted with an increasing volume and slightly decreasing margins. Since the budgets and forecasts are prepared for 3 years and the period for the cash fl ow projections has been extended to 10 years, in order to refl ect the nature of the business and the transaction, for the remaining seven years, growth rates have been applied using the latest information available on the consumer fi nance market in Slovakia. The discount rate applied to the cash fl ow projections is the internal rate of return implied by the acquisition, given the lack of comparable data to support the capital asset pricing model calculation. Furthermore, the VUB Group believes that any possible change in the key assumption, on which the recoverable amount is based, would not cause the carrying amount to exceed its recoverable amount. 16. Property and equipment and Non-current assets held for sale Buildings Equipment Other Assets in Total and land tangibles progress Cost At 1 January 2007 6,701 3,127 1,136 324 11,288 Additions - - - 226 226 Disposals (556) (217) (96) - (869) Transfers 120 234 39 (393) - Acquisition of subsidiaries (note 2) 23 54 244 - 321 41 At 31 December 2007 6,288 3,198 1,323 157 10,966 Depreciation At 1 January 2007 (1,759) (2,546) (708) - (5,013) Additions (279) (237) (99) - (615) Disposals 200 225 89 - 514 Acquisition of subsidiaries (note 2) (8) (31) (108) (147) At 31 December 2007 (1,846) (2,589) (826) - (5,261) Impairment losses (note 11) At 1 January 2007 (2) - - - (2) Net reversal - - - - - At 31 December 2007 (2) - - - (2) Carrying amount At 31 December 2007 4,440 609 497 157 5,703 VUB, a bank of Intesa Sanpaolo group
16. Property and equipment and Non-current assets held for sale (continued) Buildings Equipment Other Assets in Total and land tangibles progress Cost At 1 January 2006 6,587 3,481 1,241 409 11,718 Additions - - - 426 426 Disposals (26) (607) (154) (28) (815) Transfers 140 253 49 (483) (41) At 31 December 2006 6,701 3,127 1,136 324 11,288 Depreciation At 1 January 2006 (1,497) (2,940) (762) - (5,199) Additions (288) (213) (100) - (601) Disposals 26 607 154 - 787 At 31 December 2006 (1,759) (2,546) (708) - (5,013) Impairment losses (note 11) At 1 January 2006 (482) - - - (482) Net reversal 480 - - - 480 At 31 December 2006 (2) - - - (2) 42 Carrying amount At 31 December 2006 4,940 581 428 324 6,273 At 31 December 2007 and 2006, the VUB Group held in its portfolio of non-current assets held for sale buildings as follows: 2007 2006 Cost 533 38 Accumulated depreciation (185) (11) Impairment losses (note 11) - (12) 348 15 <strong>Annual</strong> <strong>Report</strong> 2007
Page 2 and 3: Contents Address by the Chairman of
Page 4 and 5: a socially useful construction, fur
Page 6 and 7: y 16%, assets under management of o
Page 8 and 9: Development of the External Environ
Page 10 and 11: VUB’s 2007 Commercial Performance
Page 12 and 13: Basic Indicators Basic Indicators i
Page 14 and 15: Consolidated balance sheet at 31 De
Page 16 and 17: Consolidated statement of changes i
Page 18 and 19: Notes to the consolidated financial
Page 20 and 21: The assets and liabilities arising
Page 22 and 23: the fair value of the assets given,
Page 24 and 25: The fair value of securities held f
Page 26 and 27: Embedded derivatives The VUB Group
Page 28 and 29: 3.16 Intangible assets Intangible a
Page 30 and 31: 3.22 Legal reserve fund In accordan
Page 32 and 33: 3.30 Future changes in accounting p
Page 34 and 35: 7. Financial assets held for tradin
Page 36 and 37: 10. Loans and advances to customers
Page 38 and 39: Maturities of gross fi nance lease
Page 40 and 41: 13. Investments in associates and j
Page 44 and 45: 17. Current income tax assets 2007
Page 46 and 47: 24. Other liabilities 2007 2006 Var
Page 48 and 49: (a) Issued guarantees Commitments f
Page 50 and 51: 31. Salaries and employee benefits
Page 52 and 53: 35. Profit before changes in operat
Page 54 and 55: 37. Financial risk management Intro
Page 56 and 57: The following table describes the G
Page 58 and 59: (b) Market risk Market risk is the
Page 60 and 61: The re-pricing structure of assets
Page 62 and 63: (c) Liquidity risk Liquidity risk i
Page 64 and 65: The Intesa Sanpaolo Group’s inter
Page 66 and 67: 39. Related parties Related parties
Page 68 and 69: Balance sheet at 31 December 2007 (
Page 70 and 71: Statement of changes in equity for
Page 72 and 73: Notes to the separate financial sta
Page 74 and 75: 2.5 Foreign operations The fi nanci
Page 76 and 77: 2.10 Repurchase and reverse repurch
Page 78 and 79: 2.12 Offsetting financial instrumen
Page 80 and 81: 2.18 Leasing The determination of w
Page 82 and 83: 2.28 Significant accounting judgeme
Page 84 and 85: 3. Cash and cash equivalents For th
Page 86 and 87: 2007 2006 2007 2006 Assets Assets L
Page 88 and 89: During 2007, the Bank wrote off loa
Page 90 and 91: 12. Subsidiaries, associates and jo
Page 92 and 93:
15. Current income tax assets 2007
Page 94 and 95:
22. Other liabilities 2007 2006 Var
Page 96 and 97:
(a) Issued guarantees Commitments f
Page 98 and 99:
30. Other operating expenses 2007 2
Page 100 and 101:
34. Estimated fair value of certain
Page 102 and 103:
35. Financial risk management Intro
Page 104 and 105:
The following table describes the B
Page 106 and 107:
(b) Market risk Market risk is the
Page 108 and 109:
The re-pricing structure of assets
Page 110 and 111:
(c) Liquidity risk Liquidity risk i
Page 112 and 113:
The Intesa Sanpaolo Bank’s intern
Page 114 and 115:
37. Related parties Related parties
Page 116 and 117:
Review of the Economic and Financia
Page 118 and 119:
List of VUB Branches Retail Busines
Page 120 and 121:
Postal Code Address Tel. No. Fax Re
Page 122 and 123:
Postal Code Address Tel. No. Fax Re
Page 124 and 125:
Corporate Branches Firemné obchodn
Page 126 and 127:
Structure of VUB Shareholders as at
Page 128 and 129:
VUB, a bank of Intesa Sanpaolo grou
Page 130 and 131:
Vladimíra Josefiová - Member of M
Page 132 and 133:
ticipate in all meetings of the Man
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Annual Report - VÃB banka