Annual Report - VÃB banka

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During 2007, the Bank wrote off loans and advances to customers amounting to Sk 983 million net of recoveries (2006: Sk 1,365 million) against already existing impairment losses (note 31). At 31 December 2007, the 20 largest corporate customers represented a total balance of Sk 20,809 million (2006: Sk 16,260 million) or 17% (2006: 17%) of the gross loan portfolio. Maturities of gross fi nance lease receivables are as follows: 2007 2006 Up to 1 year 78 58 1 to 5 years 154 182 Over 5 years 58 45 290 285 Unearned future fi nance income on fi nance leases (36) (61) Impairment losses (2) - 252 224 Maturities of net fi nance lease receivables are as follows: 2007 2006 Up to 1 year 68 54 1 to 5 years 135 145 Over 5 years 49 25 252 224 87 10. Impairment losses 1 Jan (Reversal)/ FX 31 Dec 2007 creation gains 2007 (note 31) Loans and advances to banks (note 5) 33 (6) (1) 26 Loans and advances to customers (note 9) 3,859 (445) (2) 3,412 Held-to-maturity investments (note 11) 24 (3) (1) 20 Subsidiaries, associates and JVs (note 12) 542 23 - 565 Property and equipment (note 14) 1 - - 1 Non-current assets held for sale (note 14) 12 (12) - - Other assets (note 16) 27 40 - 67 4,498 (403) (4) 4,091 VUB, a bank of Intesa Sanpaolo group
10. Impairment losses (continued 1 Jan (Reversal)/ Other (1) FX 31 Dec 2006 creation gains 2006 (note 31) Loans and advances to banks (note 5) - 33 - - 33 Loans and advances to customers (note 9) 4,415 (739) 235 (52) 3,859 Held-to-maturity investments (note 11) 176 (147) - (5) 24 Subsidiaries, associates and JVs (note 12) 542 - - - 542 Property and equipment (note 14) 481 (480) - - 1 Non-current assets held for sale (note 14) 64 (52) - - 12 Other assets (note 16) 32 (5) - - 27 5,710 (1,390) 235 (57) 4,498 (1) Provision transfer from CFH due to the transfer of credit risk 88 11. Held-to-maturity investments 2007 2006 State restructuring bonds 35,065 35,072 State bonds 47,134 42,947 Bank bonds and other bonds issued by fi nancial sector 7,270 7,275 Corporate notes and bonds 1,272 1,310 90,741 86,604 Impairment losses (note 10) (20) (24) State restructuring bonds As part of the pre-privatization restructuring process of the Bank, the Slovak government decided to transfer the receivables of the Bank arising from non-performing loans to state agencies. These special purpose agencies were created and are under the full control of the state. In December 1999 and June 2000, the Slovak government recapitalized the Bank by transferring the non-performing loans, including principal and interest, to Konsolidačná banka Bratislava (‘KBB’) with a gross value of Sk 58.6 billion, and Slovenská konsolidačná (‘SKO’) with a gross value of Sk 7.6 billion, which gave rise to the Bank’s receivables from KBB and SKO in the total amount of Sk 66.2 billion. In January and March 2001, these receivables were swapped at par for state restructuring bonds with a total nominal value of Sk 66.2 billion. Restructuring bonds were issued by the Ministry of Finance of the Slovak Republic, acting on behalf of the Slovak government as the fi nancial intermediary. The bonds are legally considered to represent sovereign and unconditioned direct obligations of the Slovak Republic and therefore there is no need for additional state guarantees. 90,721 86,580 The bond conditions are the same as for any other similar type of securities issued by the Slovak Republic, i.e. are fully redeemable by the Slovak Republic, there is no clause regarding rollover, early or late extinguishments and do not allow for conversion into any other type of fi nancial instruments. At 31 December 2007 and 2006, the Bank held in its portfolio the following state restructuring bonds: (a) 7-year state bonds with a nominal value of Sk 11,300 million, due on 30 January 2008, bearing variable interest rate of 6M BRIBOR; (b) 10-year state bonds with a nominal value of Sk 11,044 million, due on 30 January 2011, bearing variable interest rate for 6M BRIBOR; (c) 7-year state bonds with a nominal value of Sk 4,700 million, due on 29 March 2008, bearing variable interest rate of 6M BRIBOR; (d) 10-year state bonds with a nominal value of Sk 7,497 million, due on 29 March 2011, bearing variable interest rate of 6M BRIBOR. The 7-year state restructuring bond with a nominal value of Sk 11,300 million was fully repaid on 30 January 2008. Annual Report 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
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Development of the External Environ
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VUB’s 2007 Commercial Performance
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Basic Indicators Basic Indicators i
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Consolidated balance sheet at 31 De
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Consolidated statement of changes i
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Notes to the consolidated financial
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The assets and liabilities arising
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the fair value of the assets given,
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The fair value of securities held f
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Embedded derivatives The VUB Group
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3.16 Intangible assets Intangible a
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3.22 Legal reserve fund In accordan
Page 32 and 33:
3.30 Future changes in accounting p
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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 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 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 - VÃB banka

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Annual Report - VÃB banka