Annual Report - VÃB banka

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The re-pricing structure of assets and liabilities for the non-trading portfolios was as follows: Up to 1 to 3 3 months 1 to 5 Over 31 December 2007 1 month months to 1 year years 5 years Total Assets Cash and balances with central banks 2,722 - 180 720 900 4,522 Loans and advances to banks 1,156 559 265 157 - 2,137 Derivative fi nancial instruments - - 2,832 - - 2,832 Available-for-sale fi nancial assets 103 9 904 1,949 10 2,975 Loans and advances to customers 24,904 36,375 48,035 26,646 5,453 141,413 Held-to-maturity investments 19,413 7,339 23,925 25,363 26,170 102,210 Investments in associates and JVs - - 15 58 73 146 48,298 44,282 76,156 54,893 32,606 256,235 Liabilities Deposits from central and other banks (10,148) (2,295) (2,200) - - (14,643) Derivative fi nancial instruments - - (2,276) (592) - (2,868) Deposits from customers (119,958) (16,187) (20,317) (16,840) (19,023) (192,325) Debt securities in issue (2,032) (10,430) (6,522) (6,667) (6,135) (31,786) (132,138) (28,912) (31,315) (24,099) (25,158) (241,622) Net position of fi nancial instruments (83,840) 15,370 44,841 30,794 7,448 14,613 Up to 1 to 3 3 months 1 to 5 Over 31 December 2006 1 month months to 1 year years 5 years Total Assets Cash and balances with central banks 3,026 - 190 759 949 4,924 Loans and advances to banks 1,833 543 148 402 - 2,926 Available-for-sale fi nancial assets 29 9 33 2,900 35 3,006 Loans and advances to customers 27,985 21,080 27,322 19,517 3,958 99,862 Held-to-maturity investments 10,012 1,071 38,435 22,374 26,437 98,329 Investments in associates and JVs - - 14 56 69 139 42,885 22,703 66,142 46,008 31,448 209,186 Liabilities Deposits from central and other banks (5,046) (1,989) (65) (1,662) - (8,762) Deposits from customers (107,795) (13,549) (15,349) (14,576) (15,628) (166,897) Debt securities in issue (3,119) (6,637) (2,943) (6,910) (4,767) (24,376) (115,960) (22,175) (18,357) (23,148) (20,395) (200,035) Net position of fi nancial instruments (73,075) 528 47,785 22,860 11,053 9,151 59 The average interest rates for fi nancial assets and liabilities were as follows: Assets 2007 2006 % % Cash and balances with central banks 1.51 1.35 Loans and advances to banks 3.89 3.64 Financial assets held for trading 4.14 4.40 Available-for-sale fi nancial assets 3.84 3.57 Loans and advances to customers 7.64 7.77 Held-to-maturity investments 4.37 3.85 Liabilities Deposit from banks 3.96 2.72 Deposits from customers 2.36 2.00 Debt securities in issue 4.33 4.34 VUB, a bank of Intesa Sanpaolo group
60 37. Financial risk management (continued) Currency denominations of assets and liabilities Foreign exchange rate risk comprises the risk that the value of fi nancial assets and liabilities will fl uctuate due to changes in market foreign exchange rates. The table below provides information on the currency denomination of the Group’s assets and liabilities. It is the policy of the Group to manage its exposure to fl uctuations in exchange rates through the regular monitoring and reporting of open positions and the application of a matrix of exposure and position limits. Slovak crowns EUR USD CZK Other Total 31 December 2007 Assets Cash and balances with central banks 3,576 374 55 278 210 4,493 Loans and advances to banks 32,137 2,925 50 8 159 35,279 Financial assets held for trading 10,647 17 - - - 10,664 Derivative fi nancial instruments 1,055 - - - - 1,055 Available-for-sale fi nancial assets 2,671 2 - - - 2,673 Non-current assets held for sale 348 - - - - 348 Loans and advances to customers 98,428 27,021 1,243 3,206 122 130,020 Held-to-maturity investments 89,213 1,460 - - 48 90,721 Investments in associates and JVs 146 - - - - 146 Intangible assets 2,037 - - - - 2,037 Goodwill 885 - - - - 885 Property and equipment 5,700 - - 3 - 5,703 Other assets 523 17 - 3 - 543 247,366 31,816 1,348 3,498 539 284,567 Liabilities Deposits from central and other banks (10,946) (8,568) (1,303) (579) (267) (21,663) Derivative fi nancial instruments (1,034) - - - - (1,034) Deposits from customers (171,556) (25,497) (4,226) (2,911) (1,088) (205,278) Debt securities in issue (20,533) (5,062) - (2,438) - (28,033) Current and deferred income tax liabilities (1,179) - - (18) - (1,197) Provisions (973) - - - - (973) Other liabilities (4,116) (219) (25) (22) (1) (4,383) (210,337) (39,346) (5.554) (5,968) (1,356) (262,561) On balance sheet net position 37,029 (7,530) (4,206) (2,470) (817) 22,006 Off balance sheet assets 10,613 16,050 13,468 6,729 1,292 48,152 Off balance sheet liabilities (26,088) (8,125) (9,169) (672) (359) (44,413) Off balance sheet net position (15,475) 7,925 4,299 6,057 933 3,739 Total net position 21.554 395 93 3,587 116 25,745 31 December 2006 On balance sheet net position 20,686 667 (488) 164 (280) 20,749 Off balance sheet net position (830) 117 495 3,295 346 3,423 Total net position 19,856 784 7 3,459 66 24,172 <strong>Annual</strong> <strong>Report</strong> 2007
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Contents Address by the Chairman of
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a socially useful construction, fur
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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 42 and 43: The goodwill is reviewed for impair
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 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
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Review of the Economic and Financia
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List of VUB Branches Retail Busines
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Postal Code Address Tel. No. Fax Re
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Postal Code Address Tel. No. Fax Re
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Corporate Branches Firemné obchodn
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Structure of VUB Shareholders as at
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VUB, a bank of Intesa Sanpaolo grou
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Vladimíra Josefiová - Member of M
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ticipate in all meetings of the Man
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