Annual Report

Transcription

1 Annual Report

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3 Content Introduction by a Member of the Board of Directors 2 Description of the Company 3 Organizational Structure 4 Report on Entrepreneurial Activity and State of Assets 6 Supervisory Board Report 7 Future Plans 8 Points of Sale 9 Independent Auditor s Report 10 Balance Sheet Long Form 12 Income Statement Long Form 14 Cash Flow Statement 15 Notes to the Financial Statements 16 Report on Relations between Related Parties 39 1

4 Obsah Introduction by a Member of the Board of Directors Description of the Company Introduction by a Member of the Board of Directors Wilfried Elbs Chairman of the Board of Directors and CEO Dear Ladies and Gentlemen, Thanks to the effort of our employees and selected suppliers, we managed to move and start full operation in new premises located near the headquarters of our sole shareholder, Česká spořitelna, in the first quarter of. We were able to successfully transfer the entire technical and administrative base of the Company during a single weekend and thus eliminate to the maximum extent any possible risks of losing business. A general improvement was also achieved in the availability and measurability of customer services by introducing a new telephone exchange in. This involved the introduction of a single client hotline of the Financial Group of Česká spořitelna of which we are members. Despite the fragile economic growth in the sector, stagnation in the market for new cars and slightly declining sales of used cars, the Company managed to increase annual sales of financial services by 11%. The year-on-year increase resulted in particular from the financing of new and well-preserved cars and utility vehicles up to 3.5t and an expanding network of our business partners. In we introduced a new training scheme for our employees so that we could better and faster adapt to the expectations and needs of our clients and partners. To ensure high client service standards and taking into account the amendment to the Consumer Loan Act, we successfully introduced updated contractual documents in early. In addition, we published a motoring guide ( Poradce pro motoristy ), which provides basic information on funding as well as key responsibilities related to the operation of a vehicle. This brochure can be found on our website. We continued to implement a uniform IT platform that will contribute to savings due to higher automation of tasks and the overall efficiency. In addition, the introduction of a single operating platform should eliminate any operational risks. I am convinced the year was a successful one for our Company. We have achieved a slightly higher profit than expected, in spite of a prudent risk policy. To conclude, let me thank all the business partners of the Company for their cooperation and our employees for their enthusiasm and effort, which I believe will contribute to our goal, i. e. to be the first choice partner for our clients and business partners for the times ahead. Wilfried Elbs Chairman of the Board of Directors and CEO 2

5 Introduction by a Member of the Board of Directors Description of the Company Organisational Structure Description of the Company Company Name: s Autoleasing, a. s. Registered Office: Budějovická 1518/13 B, Prague 4 Company Identification Number (IČ): Shareholders: Česká spořitelna, a. s. CZK 500,000,000 (100%) Members of the Board of Directors as ember : Mr. Wilfried Elbs, Chairman Ing. Tomáš Veverka, Vice-chairman JUDr. Petr Kříž, Member Members of the Supervisory Board as ember : Dr. Heinz Knotzer, Chairman Ing. Karel Mourek, Member Ing. Radmila Raymanová, Member Ing. Roman Brychnáč, Member Mag. Alois Barlhuber, Member Ing. Petra Šimůnková, Member Major Business Activities: The provision of leasing services, hire-purchase sale and the provision of customer loans. 3

6 Description of the Company Organisational Structure Report on Entrepreneurial Activity and State of Assets Organizational Structure The organizational structure of s Autoleasing, a. s. is as follows: Board of Directors Risk Management Committee Credit Committee Chairman of Board of Directors and CEO Division 1000 Administration of the Company Department 1010 (NS 1010) Secretariat and Staff of Board Department 1020 (NS 2050) Sales Support and Product Development Department 1040 (NS 1040) Information Technologies and Systems Chief Sales Officer Division 2000 Sales Department (NS ) Region Bohemia I. Department 2020 (NS 2020) Region Bohemia II. Department 2030 (NS 2030) Region Moravia Department 2040 (NS 3010) Corporate Clients and Bank Sales Support Financial and Managing Officer and Vice-chairman of Board of Directors Division 3000 Finance and Managing Department 3020 (NS 1120) Credit Back Offi ce Department 3040 (NS 1060) Credit Risk Management Department 3050 (NS 1130) Customer Service Department 3060 (NS 1070) Work out and Restructuring Department 3070 (NS 3070) Portfolio Analysis 4

7 Organisational Structure Report on Entrepreneurial Activity and State of Assets Supervisory Board Report Management Report Macroeconomic Framework The year showed a stagnant level of demand for non-bank financial products as the financial products had to cope with a gradual economic slowdown. There was no significant strengthening of investments and household spending. Under these circumstances, the volume of non-bank financing increased only moderately in. Information on the economic development in CR relevant for nonbank financing: gradual decline in growth rate (year-on-year increase by 2.8%); annual growth of industrial production by 6.9%, with a declining growth rate during the year; low growth or mere stagnation of investment activities; stagnation of household expenditure, the annual increase in retail only by 1.9%; low inflation with a gradual increase (from 1.7% in January to 2.4% in December); slight fall in unemployment (from 9.7% in January to 8.6% in December); the share of non-performing household loans from banks and non-bank financial institutions dropped. A number of requests to finance investment and consumer plans was connected with significant risks and could not be accepted when applying the prudent evaluation criteria on both clients and the financed commodity itself. The development was also influenced by the leasing companies offer being extended by loan products and growth in loan financing of their business. In, the amount of financing provided by the member companies of the Czech Leasing and Finance Association (CLFA) through leasing, factoring, loans for consumers and businesses totaled CZK billion (by CZK 0.8 billion more than in ), of which CZK 89.3 billion were to finance investments and business operations and CZK 35 billion to finance goods and services for households. Road vehicles (mostly new) were financed by CZK 55.9 billion (45% of the total funded amount), of which CZK 32.6 billion were for the acquisition of passenger cars (45.8% of the financing of new passenger cars first registered in CR in ). An amount of CZK 18.8 billion was further provided to finance machinery and equipment, of which CZK 3.8 billion were used to finance photovoltaic equipment. The member companies concluded 1,079,807 new agreements on leas- ing and loan transactions. At the end of, a total of 2,519,438 active lease and loan agreements were administered by the CLFA members. The receivables from active lease and loan transactions amounted CZK billion at the end of. The portfolio managed by the members comprised acquisition cost (excluding VAT) of CZK 45.6 billion (an annual increase with the top fifteen companies by 1.8%). The estimation of the overall market exceeds CZK 47.8 billion and the total amount financed (input debt) was CZK 41.6 billion. There was an increase in the share of operating leases in the total leasing of movable assets operating leases represented 34.7% (in comparison to 26% in ). As in previous years, nearly half of the leasing of movable assets was tied to the private service sector and over two fifths to industry and construction. A total of 47,464 new agreements on leasing of machinery, equipment and vehicles was concluded with entrepreneurs, of which 20,888 were for financial leases and 26,576 for operating leases. The number of newly concluded lease agreements to finance investment with businesses increased by 3% year-on-year. Consumer loans were provided by 22 member companies of CLFA. The loans provided for personal use totaled CZK 34.2 billion, which represents the actual annual increase of 1.5%. In, the growth rate of non-bank consumer loans went down. The volume of loans for financing of cars increased by 2% year-on-year, i.e. to CZK 7.6 billion; the number of loans grew by 1.4% to 52,786. A total of 958,901 agreements on consumer loans was concluded (down by 10.5% year-on-year). The acquisition cost of movable assets (excluding VAT) included in consumer leases totaled CZK 0.8 billion in. The volume of leases for consumers fell by half year-on-year. The share of operating leases in the overall consumer leases of movables rose to 83.1%. Report on the Company s Operating Results The Company s Autoleasing, a. s. recorded a profit of CZK 44 million in, compared to CZK 20 million in. The development of key financial indicators was as follows: 5

8 Organisational Structure Report on Entrepreneurial Activity and State of Assets Supervisory Board Report Changes in key financial indicators CZK mil Total assets 8,459 9,230 6,990 10,046 Fixed assets 5,166 6,089 5,972 8,959 Total revenues 3,004 4,212 4,774 5,162 Profi t/loss before tax Profi t/loss for the year Average adjusted number of employees Report on the Company s Business Activities The Company s Autoleasing, a. s. commenced its real business operations starting from 1 October The Company particularly engages in the provision of top quality services in cooperation with business partners, suppliers of the objects of leases and sales representatives. The total volume of input debt from all financed commodities and all financial products financed by members of CLFA on the domestic market was CZK billion in ; the Company share was CZK 2.9 billion, i. e. a market share of 3.03%. Thanks to its trading results, the Company ranked fourteenth on the movable assets market in. Competition of s Autoleasing in the market of non-bank financial products for Company CZK ths Percentage ŠkoFIN s. r. o. 6,720, UniCredit Leasing CZ, a. s. 5,239, ČSOB Leasing, a. s. 3,639, Credium, a. s. 3,178, s Autoleasing, a. s. 2,539, GE Money Auto, s. r. o. 2,497, ALD Automotive s. r. o. 1,881, LeasePlan ČR, s. r. o. 1,846, Mercedes-Benz Financial Services Česká republika s. r. o. 1,663, ESSOX s. r. o. 1,563, Other 7,468, Market 38,238, Note: The order of CLFA member companies is based on the input debt in the aggregate of all products used to fi nance cars, utility vehicles and motorcycles. Competition of s Autoleasing in the market of non-bank financial products for Market share of car financing companies ŠkoFIN s. r. o. UniCredit Leasing CZ, a. s ,3 ČSOB Leasing, a. s. Credium, a. s ,6 s Autoleasing, a. s. 6,5 GE Money Auto, s. r. o ,9 4,8 ALD Automotive s. r. o. LeasePlan ČR, s. r. o. 19,5 4,1 4,3 Mercedes-Benz Financial Services Česká republika s. r. o. ESSOX s. r. o. Other 6

9 Report on Entrepreneurial Activity and State of Assets Supervisory Board Report Future Plans Supervisory Board Report Supervisory Board of s Autoleasing, a. s. in compliance with the powers and competence accorded to it by the Commercial Code and the Company s Articles of Association, similarly as in the previous years, fulfilled in the accounting period from January to December the role of the Company s supervision and control body supervising the activities of the Board of Directors and the Company s economic and business activities. According to the requirements stipulated in the Company s Articles of Association, the Supervisory Board held four meetings in. During these meetings, the Board of Directors provided information to the Supervisory Board regarding the business and economic developments of the company. The Supervisory Board discussed the key issues of the Company s economic and business policy and commercial strategy. In compliance with its powers and competences following from the applicable laws and the Articles of Association, the Supervisory Board has discussed the Report on the Company s business activities and state of assets (the Management Report) and reviewed the Company s financial statements submitted by the Board of Directors and, following the conclusions of the auditor, Ernst & Young Audit, s. r. o., expresses the opinion that the financial statements present fairly, in all material respects, the assets, liabilities, equity and financial position of the company s Autoleasing, a. s. as ember and states that the results of the Company s operations for are recorded in compliance with the Act on Accounting and the applicable rules and regulations as valid in the Czech Republic. In view of the above, the Supervisory Board recommends that the annual financial statements of s Autoleasing a. s. for and the proposed settlement of the result as submitted by the Board of Directors be approved. The Supervisory Board reviewed the Report on Related Parties pursuant to Section 66a (9) of the Commercial Code and states that the information included in the Report is true and complete. Dr. Heinz Knotzer Chairman of the Supervisory Board 7

10 Supervisory Board Report Future Plans Points of Sale Future Plans Dear Ladies and Gentlemen, Next year, in which we expect continued macroeconomic stagnation and a lot of rather pessimistic news on the state of economy, we still want to focus on further development of our business activity. Our principal aim will be to provide financing in order to ensure the mobility of our clients from the ranks of citizens, entrepreneurs and businesses. Being supported by the parent company the largest retail bank in the Czech Republic allows us to better assess the financial capabilities of our clients and thus provide financing to those who act responsibly in relation to their commitments. The fact that this is the case of a majority of our clients has shown in the figures for the previous period. Most of us are becoming much more responsive and responsible due to the persistent crisis as well as omnipresent reports on its development. However, we perceive the crisis as an opportunity. We will strive to present a stable, trustworthy and reliable partner for both our current and potential clients. The year 2012 will be marked by the continuation of projects and activities initiated in the previous period. We will provide additional training to our employees so that we could further improve the quality of services. Our investments will be prioritized into the unification of the IT platform that will help us to expand with relatively lower costs. In addition, we will enhance the requirement monitoring and parameter reporting schemes. This will make it easier to adjust the parameters of our products to reflect the needs of our clients to the maximum extent possible. For us, the year 2012 represents an opportunity to demonstrate to our clients, business partners and shareholder that we are able to achieve good results and provide high quality services even in an ever changing environment. We will make every effort to provide our clients with the confidence that they have selected the right business partner. Wilfried Elbs Chairman of the Board of Directors and CEO 8

11 Future Plans Points of Sale Independent Auditor s Report Points of Sale The Company s products are being distributed via its business partners networks. Company Direct Contact Information: s Autoleasing, a. s. Budějovická 1518/13 B Prague 4 headquarters Phone: Fax: [email protected] Internet: 9

12 Independent Auditor s Report To the Shareholder of s Autoleasing, a. s. I. We have audited the financial statements of s Autoleasing, a. s. ( the Company ) as ember presented in the annual report of the Company on pages and our audit report dated 9 March 2012 stated the following: We have audited the accompanying financial statements of s Autoleasing, a. s. which comprise the balance sheet as ember, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. For details of s Autoleasing, a. s. see Note 1 to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the Czech Republic, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Act on Auditors and International Standards on Auditing as amended by implementation guidance of the Chamber of Auditors of the Czech Republic. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including an assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting poficies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of s Autoleasing, a. s. as ember, and its financial performance and its cash flows for the year then ended in accordance with accounting principles generally accepted in the Czech Republic. A member firm of Ernst & Young Global Limited, Ernst & Young Audit, s. r. o. with its registred office at Karlovo náměstí 10, Prague 2, has been incorporated in the Commercial Register administered by the Municipal court in Prague, Section C, entry No , under identification No

13 II. We have also audited the consistency of the annual report with the financial statements described above. The management of s Autoleasing, a. s. is responsible for the accuracy of the annual report. Our responsibility is to express, based on our audit, an opinion on the consistency of the annual report with the financial statements. We conducted our audit in accordance with International Standards on Auditing and the related implementation guidance issued by the Chamber of Auditors of the Czech Republic. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the information presented in the annual report that describes the facts reflected in the financial statements is consistent, in all material respects, with the financial statements. We have checked that the accounting information presented in the annual report on pages 1 9 is consistent with that contained in the audited financial statements as ember. Our work as auditors was confined to checking the annual report with the aforementioned scope and did not include a review of any information other than that drawn from the audited accounting records of the Company. We believe that our audit provides a reasonable basis for our opinion. Based on our audit, the accounting information presented in the annual report is consistent, in all material respects, with the financial statements described above. III. In addition, we have reviewed the accuracy of the information contained in the report on related parties of s Autoleasing, a. s. for the year ended 31 December presented in the annual report of the Company on pages The management of s Autoleasing, a. s. is responsible for the preparation and accuracy of the report on related parties. Our responsibility is to issue a report based on our review. We conducted our review in accordance with the applicable International Standard on Review Engagements and the related Czech standard No. 56 issued by the Chamber of Auditors of the Czech Republic. Those standards require that we plan and perform the review to obtain moderate assurance as to whether the report on related parties is free from material misstatement. The review is limited primarily to enquiries of company personnel, to analytical procedures applied to financial data and to examining, on a test basis, the accuracy of information, and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the report on related parties of s Autoleasing, a. s. for the year ended 31 December is materially misstated. Ernst & Young Audit, s. r. o. License No. 401 Represented by Martin Zuba Partner Radek Pav Auditor, License No May 2012 Prague, Czech Republic A member firm of Ernst & Young Global Limited, Ernst & Young Audit, s. r. o. with its registred office at Karlovo náměstí 10, Prague 2, has been incorporated in the Commercial Register administered by the Municipal court in Prague, Section C, entry No , under identification No

14 Independent Auditor s Report Balance Sheet Income Statement Balance Sheet Long Form as of 31 December Current year Prior year Gross Allowances Net Net Total assets 12,666,743 4,208,235 8,458,508 9,229,945 B. Fixed assets 8,888,706 3,722,608 5,166,098 6,088,654 B.I. Intangible assets 114,115 70,421 43,694 40,464 B.I.3 Software 102,352 63,752 38,600 33,483 B.I.4 Patents, royalties and similar rights 11,521 6,669 4,852 6,731 B.I.7 Intangible assets in progress B.II. Tangible assets 6,043,034 3,630,604 2,412,430 3,525,485 B.II.2 Constructions B.II.3 Separate movable items and groups of movable items 5,999,468 3,620,321 2,379,147 3,501,806 B.II.6 Other tangible assets B.II.7 Tangible assets in progress 12,956 10,283 2,673 16,892 B.II.8 Advances granted for tangible assets 30, ,583 6,234 B.III. Financial investments 2,731,557 21,583 2,709,974 2,522,705 B.III.1 Subsidiaries 32, ,036 25,612 B.III.5 Other long-term investments 2,699,521 21,583 2,677,938 2,497,093 C. Current assets 2,971, ,627 2,485,616 2,312,387 C.I. Inventory 8, ,955 11,222 C.I.5 Goods 8, ,955 11,222 C.II. Long-term receivables 275, , ,259 C.II.1 Trade receivables 200, , ,731 C.II.8 Deferred tax asset 74, ,606 81,528 C.III. Short-term receivables 2,654, ,627 2,168,620 1,996,622 C.III.1 Trade receivables 2,141, ,485 1,695,657 1,546,281 C.III.7 Short-term advances granted 5, ,919 2,878 C.III.8 Unbilled revenue 15, ,366 14,583 C.III.9 Other receivables 491,820 40, , ,880 C.IV. Short-term fi nancial assets 32, ,626 50,284 C.IV.1 Cash C.IV.2 Bank accounts 32, ,373 50,072 D. Other assets temporary accounts of assets 806, , ,904 D.I. Accrued assets and deferred liabilities 806, , ,904 D.I.1 Prepaid expenses 692, , ,779 D.I.3 Unbilled revenue 114, , ,125 12

15 Independent Auditor s Report Balance Sheet Income Statement Current year Prior year Total equity & liabilities 8,458,508 9,229,945 A. Equity 472, ,487 A.I. Basic capital 500, ,000 A.I.1 Registered capital 500, ,000 A.II. Capital funds 590, ,592 A.II.1 Share premium (agio) 256, ,000 A.II.2 Other capital funds 310, ,000 A.II.3 Gain or loss on revaluation of assets and liabilities 24,244 23,592 A.III. Reserve funds and other funds created from profi t 4,100 0 A.III.1 Legal reserve fund 4,100 0 A.IV. Profi t (loss) for the previous years 665, ,429 A.IV.2 Accumulated loss of previous years 665, ,429 A.V. Profi t (loss) for the year (+/ ) 43,735 20,324 B. Liabilities 7,533,427 8,196,443 B.I. Provisions 3,036 0 B.I.4 Other provisions 3,036 0 B.III. Current liabilities 267, ,374 B.III.1 Trade payables 4,251 5,118 B.III.5 Liabilities to employees 3,795 3,827 B.III.6 Liabilities arising from social security and health insurance 2,146 2,205 B.III.7 Due to government taxes and subsidies 10,145 25,837 B.III.8 Advances received 37,349 36,018 B.III.10 Unbilled deliveries 141,211 81,142 B.III.11 Other liabilities 68,747 19,227 B.IV. Bank loans and borrowings 7,262,747 8,023,069 B.IV.1 Long-term bank loans 3,053,810 2,895,219 B.IV.2 Short-term bank loans 4,208,937 5,127,850 C. Other liabilities temporary accounts of liabilities 452, ,015 C.I. Accrued liabilities and deferred assets 452, ,015 C.I.1 Accruals 14,610 17,788 C.I.2 Deferred income 437, ,227 13

16 Balance Sheet Income Statement Cash Flow Statement Income Statement Long Form as of 31 December Current year Prior year I.1 Revenue from sale of goods 207, ,989 A.2 Cost of goods sold 207, ,989 + Gross margin II. Production 1,860,227 2,933,309 II.1 Revenue from sale of fi nished products and services 1,860,227 2,933,309 B. Production related consumption 461, ,929 B.1 Consumption of material and energy 8,647 9,485 B.2 Services 452, ,444 + Value added 1,398,732 2,458,380 C. Personnel expenses 93,404 89,742 C.1 Wages and salaries 67,687 64,775 C.2 Bonuses to members of company or cooperation bodies C.3 Social security and health insurance 22,657 22,259 C.4 Other social costs 2,550 2,368 D.1 Taxes and charges 4,396 1,540 E.1 Amortization and depreciation of intangible and tangible fi xed assets 1,367,454 2,308,918 III. Revenue from sale of intangible and tangible fi xed assets and materials 204, ,396 III.1 Revenues from sale of intangible and tangible fi xed assets 204, ,396 F. Net book value of intangible and tangible fi xed assets and materials sold 288, ,147 F.1 Net book value of intangible and tangible fi xed assets sold 288, ,147 G.1 Change in provisions and allowances relating to operations and in prepaid expenses (specifi c-purpose expenses) 14,105 51,948 IV.1 Other operating revenues 167, ,593 H.2 Other operating expenses 232, ,748 * Profit or loss on operating activities 228, ,778 X.1 Interest income 546, ,775 N.2 Interest expense 224, ,238 XI.1 Other fi nance income 17,199 42,454 O.2 Other fi nance cost 35,912 34,270 * Profit or loss on financial activities 303, ,721 Q. Tax on profi t or loss on ordinary activities 30,562 5,619 Q.1 due 29,327 23,122 Q.2 deferred 1,235 17,503 ** Profit or loss on ordinary activities after taxation 43,734 20,324 XIII.1 Extraordinary gains 1 0 * Extraordinary profit or loss 1 0 *** Profit or loss for the year (+/ ) 43,735 20,324 **** Profit or loss before taxation 74,297 25,943 14

17 Income Statement Cash Flow Statement Notes to the Financial Statements Cash Flow Statement for the Years Ended 31 December Current year Prior year Cash flows from operating activities Z. Profit or loss on ordinary activities before taxation (+/ ) 74,296 25,943 A.1. Adjustments to reconcile profi t or loss to net cash provided by or used in operating activities 1,341,217 2,542,781 A.1.1. Depreciation and amortization of fi xed assets and write-off of receivables 1,562,013 2,596,905 A.1.2. Change in allowances 11,069 51,948 A.1.3. Change in provisions 3,036 0 A.1.4. Foreign exchange differences 3,001 14,390 A.1.5. (Gain)/Loss on disposal of fi xed assets 84, ,751 A.1.6. Interest expense and interest income 321, ,537 A* Net cash from operating activities before taxation, changes in working capital and extraordinary items 1,415,513 2,568,724 A.2. Change in non-cash components of working capital 541, ,846 A.2.1. Change in inventory 2,267 11,222 A.2.2. Change in trade receivables 524, ,310 A.2.3. Change in other receivables and in prepaid expenses and unbilled revenue 5,331 40,656 A.2.4. Change in trade payables 145 2,353 A.2.5. Change in other payables, short-term loans and in accruals and deferred income 24, ,323 A** Net cash from operating activities before taxation, interest paid and extraordinary items 873,807 1,915,878 A.3.1. Interest paid 253, ,562 A.4.1. Tax paid 27,743 44,060 A.5.1. Interest received 544, ,405 A*** Net cash provided by (used in) operating activities 1,136,464 2,055,661 Cash flows from investing activities B.1.1. Purchase of fi xed assets 591, ,172 B.2.1. Proceeds from sale of fi xed assets 204, ,396 B*** Net cash provided by (used in) investing activities 386, ,776 Cash flows from financing activities C.1.1. Change in long-term liabilities and long-term, resp. short-tem, loans 767,503 2,206,623 C.2.1. Effect of changes in basic capital on cash 0 128,000 C.2.3. Effect of other changes in basic capital on cash 0 256,000 C*** Net cash provided by (used in) financing activities 767,503 1,822,623 F. Net increase (decrease) in cash 17, ,738 P. Cash and cash equivalents at beginning of year 50, ,988 P1. Effect of merger as at 1 January on cash and cash equivalents 0 82,034 R. Cash and cash equivalents at end of year 32,626 50,284 15

18 Notes to the Financial Statements for the Year Ended 31 December 1. General Information 1.1 Incorporation and Description of the Business Company s Autoleasing, a. s. (the Company or SAL ) was created by a Deed of Incorporation as a joint stock company on 15 August 2003 and was incorporated by registration at the Commercial Register kept in the Municipal Court in Prague on 6 October The principal business activity of the Company is to provide leasing services including instalment sales and providing consumer loans. These activities account for all of the Company s revenues and are performed in the Czech Republic. The Company s share capital is CZK 500,000 thousand as at 31 December. The Company s sole shareholder is Česká spořitelna, a. s., holding 100% of the share capital. The Company concluded no controlling agreement with the parent company. In, the Company s intention to carry out a merger with its subsidiary s Autoúvěr, a. s. was realized. The merger was carried out in the form of an acquisition, i. e. the company s Autoúvěr, a. s. ( SAU ) was wound up without liquidation and s Autoleasing, a. s. is its universal successor. The effective date of the merger was 1 January. The merger became effective on the date of its Commercial Register entry, i. e. 1 July. As at the date of the entry in the Commercial Register, the successor company shall act as the universal legal successor of the defunct company. The financial statements have been prepared as separate financial statements as at and for the year ended 31 December. Consolidated financial statements prepared in accordance with International Financial Reporting Standards have been prepared by the parent company Česká spořitelna, a. s. In accordance with valid Czech accounting legislation, the Company prepares its annual financial statements in accordance with accounting principles generally accepted in the Czech Republic. 1.2 Changes and Amendments in the Commercial Register A change in the registered address of the Company along with the inclusion of provision and delivery of consumer credits into Company s scope of business were made to the Commercial Register maintained in the Municipal Court in Prague in. 16

19 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 1.3 Organizational Structure of the Company The organizational structure of s Autoleasing, a. s. is as follows: Board of Directors Risk Management Committee Credit Committee Chairman of Board of Directors and CEO Division 1000 Administration of the Company Department 1010 (NS 1010) Secretariat and Staff of Board Department 1020 (NS 2050) Sales Support and Product Development Department 1040 (NS 1040) Information Technologies and Systems The Company has no foreign branches. Chief Sales Officer Division 2000 Sales Department (NS ) Region Bohemia I. Department 2020 (NS 2020) Region Bohemia II. Department 2030 (NS 2030) Region Moravia Department 2040 (NS 3010) Corporate Clients and Bank Sales Support Financial and Managing Officer and Vice-chairman of Board of Directors Division 3000 Finance and Managing Department 3020 (NS 1120) Credit Back Offi ce Department 3040 (NS 1060) Credit Risk Management Department 3050 (NS 1130) Customer Service Department 3060 (NS 1070) Work out and Restructuring Department 3070 (NS 3070) Portfolio Analysis 17

20 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 1.4 Group Identification The Company is part of the Česká spořitelna, a. s. financial group. The Company is included in the consolidated group of Česká spořitelna, a. s. 1.5 Board of Directors and Supervisory Board as ember Board of Directors Supervisory Board Position Chairman Vice-chairman Member Chairman Member Member Member Member Member Name Wilfried Reinhard Elbs Ing. Tomáš Veverka JUDr. Petr Kříž Dr. Heinz Knotzer Ing. Karel Mourek Ing. Radmila Raymanová Ing. Roman Brychnáč MAG. Alois Bartlhuber Ing. Petra Šimůnková In, there were no changes in the composition of the Supervisory Board and the Board of Directors of the Company. 2. Accounting Methods and General Accounting Principles The Company s accounting is maintained and the financial statements were prepared in accordance with Accounting Act 563/1991 Coll., as amended; Regulation 500/2002 Coll., which provides implementation guidance on certain allowances of the Accounting Act for reporting entities which maintain a double-entry bookkeeping system and Czech Accounting Standards for Businesses, as amended. The accounting is maintained in compliance with general accounting principles, specifically the historical cost valuation basis, the accrual principle, the prudence concept and the going concern assumption. These financial statements are presented in thousands of Czech crowns (CZK), unless stated otherwise. Explanation Added for Translation into English These financial statements are presented on the basis of accounting principles and standards generally accepted in the Czech Republic. Certain accounting practices applied by the Company that conform with generally accepted accounting principles and standards in the Czech Republic may not conform with generally accepted accounting principles in other countries. 3. Summary of Significant Accounting Policies 3.1 Tangible and Intangible Fixed Assets Tangible fixed assets include identifiable assets with physical substance which have an estimated useful life greater than one year and a cost greater than CZK 13 thousand on an individual basis. Tangible fixed assets also include selected low value fixed assets stated at acquisition cost ranging from CZK 1 thousand to CZK 12,999, with the estimated useful life greater than one year. Intangible fixed assets include identifiable assets without physical substance which have an estimated useful life greater than one year and a cost greater than CZK 60 thousand. Purchased tangible and intangible fixed assets are recorded at their acquisition costs, which consist of the purchase price and related costs (assembly, freight, etc.). The following assets are stated at replacement cost, i. e. the cost that would be paid to acquire the assets at the time of their recognition: assets acquired without consideration on the basis of a contract to purchase a leased asset; assets acquired through donations; assets developed internally if their cost cannot be identified; assets recently entered in the accounting records; and contributed fixed assets with the exception of situations where the contribution is valued pursuant to a deed of association or a deed of foundation. The cost of fixed asset improvements exceeding CZK 40 thousand and CZK 40 thousand in aggregate for individual tangible and intangible fixed assets, respectively for the taxation period increases the acquisition cost of the related fixed asset. Tangible assets with a cost below CZK 13 thousand which are not included in the selected low value fixed assets, technical improvements with a cost below CZK 40 thousand and intangible assets with a cost below CZK 60 thousand are charged to expenses in the period in which they were acquired. Depreciation for accounting purposes Assets used by the Company Assets are depreciated using the straight line method over their estimated useful lives. Irrespective of their value, works of art and assets under construction are not depreciated. The depreciation periods of the individual asset categories are as follows: Asset category Depreciation period in years Machinery and equipment 4 12 Vehicles 4 5 Furniture and fi xtures 4 6 Selected low value assets 2 Software, licences and other intangible assets 4 18

21 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Leased Assets under Lease Contracts Monthly depreciation is determined based on an incremental method from the depreciation of the input cost for contracts concluded before 31 December The monthly depreciation of contracts concluded after 1 January 2008 is determined using the straightline method, i. e. the proportion of input cost less estimated residual value of the leased assets to the lease term. Commencement of Depreciation Depreciation of tangible and intangible fixed assets for internal use begins in the month following the month the assets are put into use. Depreciation of leased movable assets commences in the month following the month the assets are put into use by the lessee, based on a putting-into-use record received. Impairment Allowances against impaired tangible and intangible fixed assets are established and updated as the difference between the carrying value of the relevant asset and its market value, based on a review of prematurely terminated contracts. The allowance is created as the full amount of the estimated difference less any underlying collateral. With respect to current contracts, an allowance against impaired leased tangible and intangible fixed assets is calculated based on the difference between the exposure and the market price, to which a percentage derived from the number of past due days of the oldest receivable relating to the respective lease contract is applied. For reporting purposes, this calculated allowance is then divided into an allowance against assets and an allowance against receivables, based on an analysis of the whole portfolio by commodity, reflecting the share of allowances arising from prematurely terminated transactions which are created separately against assets (see above) and against receivables (see Note 3.3). With respect to Retail portfolio contracts, allowances are created individually. The impairment is assessed using a statistical model, which determines a specific impairment coefficient for each contract. The level of the coefficient depends on the category defined by Czech National Bank ( CNB ), the length of collection period and the course of collection. An allowance against advances on tangible fixed assets is created on the basis of an analysis of the entity to which the advance was made. 3.2 Non-Current Financial Investments Non-current financial investments mainly include loans falling due after one year and ownership interests. Other non-current financial investments include principal of the consumer loans provided to the individuals, entrepreneurs and corporations. Only the portion of the principal payable after one year is assessed as a non-current financial asset. Impairment Allowances are created individually. The impairment is assessed using a statistical model, which determines a specific impairment coefficient for each contract. The level of the coefficient depends on the CNB category, the length of collection period and the course of collection Ownership Interests in Subsidiaries Ownership interests are valued at their acquisition cost upon purchase. The acquisition cost of securities and ownership interests includes direct costs related to the acquisition, e. g. fees and commissions paid to agents, advisors and stock exchanges. At the date of acquisition of securities and ownership interests, the Company classifies these non-current financial assets based on their underlying characteristics as investments in subsidiaries and in associates. Investments in companies in which the Company has the power to govern the financial and operating policies so as to obtain benefits from their operations are classified as Subsidiaries. As at the balance sheet date, investments in subsidiaries are valued as follows: ownership interests in subsidiaries are valued under the equity method; and ownership interests recorded at acquisition cost upon acquisition are revalued at the balance sheet date to reflect the value of the Company s share of the subsidiary s equity. Impairment Allowances against ownership interests are recorded if their value is temporarily lower than the carrying amount, the difference being recognised as an allowance. 3.3 Receivables Upon origination, receivables are stated at their nominal value as subsequently reduced by appropriate allowances for doubtful and bad amounts. Receivables consist of outstanding lease payments and the aggregate balance of amounts due from instalment sales and granted consumer loans. Impairment Allowances against receivables from prematurely terminated contracts are established and updated as the difference between the value of the receivable and any underlying collateral. With respect to current contracts, an allowance against impaired leased tangible and intangible fixed assets is calculated based on the difference between the exposure and the market price, to which a percentage derived from the number of past due days of the oldest receivable relating to the respective lease contract is applied. For reporting purposes, this calculated allowance is 19

22 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties then divided into an allowance against assets and an allowance against receivables, based on an analysis of the whole portfolio by commodity, reflecting the share of allowances arising from prematurely terminated transactions which are created separately against tangible and intangible fixed assets (see Note 3.1) and against receivables (see above). With respect to Retail portfolio contracts, allowances are created individually. The impairment is assessed using a statistical model, which determines a specific impairment coefficient for each receivable. The level of the coefficient depends on the category defined by Czech National Bank ( CNB ), the length of collection period and the course of collection. Allowances against receivables arising from penalties are recognised in respect of the entire carrying value of these receivable balances. 3.4 Inventory Seized assets are valued on the basis of the estimated net realizable amount. 3.5 Equity The share capital of the Company is stated at the amount recorded in the Commercial Register maintained in the Municipal Court. Other capital funds consist of monetary contributions in excess of share capital. In accordance with the Commercial Code, the Company creates a legal provision fund from profit. In the first year in which profit is generated, a joint stock company should allocate 20% of profit after tax (however, not more than 10% of share capital) to the legal provision fund. In subsequent years, the legal provision fund is allocated 5% of profit after tax until the fund reaches 20% of share capital. These funds can only be used to offset losses. 3.6 Trade Payables Trade payables are recorded at their nominal values. 3.7 Loans Loans are stated at their outstanding nominal value. Loan interest is recorded on the accrual basis and included in the profit or loss for the period to which it belongs to. Any portion of long-term debt which is due within one year of the balance sheet date is classified as short-term debt. 3.8 Foreign Currency Translation Transactions denominated in foreign currencies during the year are translated using the exchange rate of the CNB prevailing on the date of the transaction. At the balance sheet date, financial assets, current assets and liabilities denominated in a foreign currency are translated using the effective exchange rate announced by the CNB as at that date. Any resulting foreign exchange rate gains and losses are recorded through the current period s financial expenses or income as appropriate. 3.9 Taxes Depreciation of Fixed Assets for Tax Purposes Depreciation of the Company s own assets and assets held under operating leases is calculated on a straight line basis for tax purposes. Assets held under finance leases according to contracts concluded before 31 December 2007 are depreciated over the lease term. Assets held under finance leases according to contracts concluded after 1 January 2008 and contracts concluded between 20 July 2009 and 30 June are depreciated on a straight line basis according to Sections 31 and 30a, respectively, of Act No. 586/1992 Coll., on Income Taxes, as amended Current Tax Payable The current tax payable is based on taxable profit for the reporting period. Taxable profit differs from the net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible, further adjusted by tax allowances and potential credits. The current tax payable is determined using tax rates applicable as at the balance sheet date Deferred Tax Deferred tax is accounted for using the balance sheet liability method. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also included in equity. Deferred tax assets and liabilities are offset and reported on an aggregate net basis in the balance sheet, except when partial tax assets cannot be offset against partial tax liabilities Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of fixed assets are added to the cost of those assets. All other borrowing costs are recognised in the income statement in the period in which they are incurred. 20

23 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 3.11 Revenue Recognition Revenues are recorded on an accrual basis, i. e. they are charged to income for the year in which they were earned. Revenues are recognised on an incremental basis from the beginning of the financial reporting period. With a view to determining the results of operations in the required format, the Company categorises its revenues as operating, financial and extraordinary. Revenues relating to future periods are recognised on the accrual basis. interest on provided loans is accrued on an annuity basis over the loan contract period and is always recognised as at the last day of the month; fees for the processing of contracts are accrued on a straightline basis over the contract period and are always recognised as at the last day of the month; other revenues are recognised on an accrual basis into income for the period in which they were earned Costs Costs are recorded on the accrual basis, i. e. they are expenses in the year in which they were incurred. Dealer commissions are deferred and amortized over the contract term on a straight-line basis Use of Estimates The presentation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets (specifically receivables and tangible assets) and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management of the Company has made these estimates and assumptions on the basis of all the relevant information available Cash Flow Statement The cash flow statement is prepared using the indirect method. Cash equivalents include current liquid assets easily convertible into cash in an amount agreed in advance. Cash and cash equivalents can be analysed as follows: As at 31 Dec +/ As at 31 Dec Cash at bank 50,072 17,699 32,373 Liquid valuables Total cash and cash equivalents 50,284 17,740 32,626 Cash flows from operating, investing and financing activities presented in the cash flow statement are not offset. 4. Balance Sheet and Income Statement Additional Information 4.1 Fixed Assets Intangible Fixed Assets Acquisition cost Balance as at 1 Jan Effect of merger Additions Disposals Additions Disposals Intangibles in progress ,117 17, Patents, royalties and similar rights 3,663 1,616 5, , ,521 Software 43,840 30,730 11, ,827 16, ,352 Total 47,503 32,346 17, ,998 34,242 17, ,115 21

24 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Accumulated Amortisation Balance as at 1 Jan Effect of merger Additions Disposals Additions Disposals Intangibles in progress Patents, royalties and similar rights 1, , ,190 2, ,669 Software 20,792 17,150 14, ,344 11, ,752 Total 22,278 18,028 16, ,534 13, ,421 Net Book Value Balance as at 1 Jan Intangibles in progress Patents, royalties and similar rights 2,177 6,731 4,852 Software 23,048 33,483 38,600 Total, incl. allowances 25,225 40,464 43,694 All the intangible fixed assets are used by the Company. Amortisation of Intangible Fixed Assets Total 16,228 13, Tangible Fixed Assets Own Tangible Fixed Assets Acquisition Cost Balance as at 1 Jan Effect of merger Additions Disposals Additions Disposals Buildings Individual movable assets 25,834 24,131 2,511 3,663 48,813 3,518 4,400 47,931 machinery and equipment 19,082 16,465 1,260 2,049 34,758 1,055 1,966 33,847 vehicles 6,640 7,666 1,251 1,614 13,943 2,463 2,402 14,004 furniture and fi xtures Other tangibles Tangibles in progress ,416 2, ,982 4,315 2,667 Total 26,609 24,226 4,927 6,360 49,402 10,500 9,277 50,625 22

25 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Accumulated Depreciation Balance as at 1 Jan Effect of merger Additions Disposals Additions Disposals Buildings Individual movable assets 14,644 15,030 10,735 3,663 36,746 6,214 2,833 40,127 machinery and equipment 11,756 12,786 7,266 2,049 29,759 3,244 1,592 31,411 vehicles 2,868 2,244 3,460 1,614 6,958 2,963 1,230 8,691 furniture and fi xtures Other tangibles Total 14,669 15,030 10,932 3,849 36,782 6,215 2,870 40,127 Note: Additions and disposals to accumulated depreciation include both the additions and disposals to accumulated depreciation and the net book value of fi xed assets sold and/or damaged. Net Book Value Balance as at 1 Jan Buildings Individual movable assets 11,190 12,067 7,804 machinery and equipment 7,326 4,999 2,436 vehicles 3,772 6,985 5,313 furniture and fi xtures Other tangibles Tangibles in progress 0 0 2,667 Total, incl. allowances 11,940 12,620 10, Tangible Fixed Assets Held under Leases Acquisition Cost at 1 Jan Additions Disposals Additions Disposals Individual movable assets 12,351, ,304 4,629,427 8,218, ,768 2,812,380 5,947,291 machinery and equipment 3,637, ,957 1,164,144 2,686, , ,447 1,975,952 vehicles 8,546, ,084 3,425,561 5,403, ,401 1,854,659 3,892,753 furniture and fi xtures 167,408 1,263 39, ,949 1,911 52,274 78,586 Seized assets from client loans ,751 2,518 2,233 Seized assets from stock financing , ,013 Tangibles in progress 83, ,973 23, , ,768 10,289 Advances for tangibles 2,955 56,484 53,205 6,234 83,216 58,867 30,583 Total 12,437, ,788 4,742,605 8,248,712 1,158,997 3,415,300 5,992,409 23

26 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Accumulated Depreciation at 1 Jan Additions Disposals Additions Disposals Individual movable assets 6,384,782 2,851,885 4,629,427 4,607,240 1,649,095 2,812,380 3,443,955 machinery and equipment 1,858, ,588 1,164,144 1,546, , ,447 1,146,013 vehicles 4,426,998 1,966,446 3,425,561 2,967,883 1,126,954 1,854,659 2,240,178 furniture and fi xtures 98,846 33,853 39,722 92,978 17,060 52,274 57,764 Seized assets from client loans ,518 2,518 0 Seized assets from stock fi nancing Total 6,384,781 2,851,885 4,629,427 4,607,240 1,652,380 2,815,665 3,443,955 Note: Additions and disposals to accumulated depreciation include both the additions and disposals to accumulated depreciation and the net book value of fi xed assets sold and/or damaged. Allowances at 1 Jan Additions Disposals Additions Disposals Individual movable assets 171,338 74, , ,924 91,669 77, ,239 tangibles current contracts 65,049 28,411 22,811 70,649 42,302 58,780 54,170 tangibles prematurely terminated contracts 106,289 45, ,870 51,275 49,367 18,575 82,067 Advances tangibles 1,032 6,521 7, Tangibles in progress 1,613 6,683 1,613 6,683 3, ,283 Total 173,983 87, , ,607 95,269 77, ,522 Net Book Value Balance as at 1 Jan Individual movable assets 5,794,907 3,489,739 2,367,097 Machinery and equipment 1,606,855 1,069, ,939 Vehicles 4,119,490 2,383,853 1,516,336 Furniture and fi xtures 68,562 35,971 20,822 Seized assets from client loans 0 0 2,233 Seized assets from stock fi nancing 0 0 2,013 Tangibles in progress 81,935 16,892 6 Advances for tangibles 1, ,583 Total, incl. allowances 5,878,765 3,506,631 2,401,932 Were the Company to change the method it uses to depreciate leased objects from annuity depreciation to linear depreciation in cases of lease contracts with initial extraordinary instalments as ember and, the net book value impact would be approximately CZK 3,5 million and CZK 26 million, respectively. The change in depreciation method would lead to a reduction in the amount of net book value by this amount. Depreciation of Tangible Fixed Assets Total 2,292,690 1,353,567 24

27 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Financial Investments Ownership Interests in Subsidiaries As ember and, the Company held a 100% and 99.67% ownership interest in DINESIA a. s. (former Leasing České spořitelny, a. s.). The ownership interest in DINESIA a. s. was acquired based on a contract, from Česká spořitelna, a. s. in Subsidiaries SAL balance as at 1 Jan Additions DINESIA a. s. 25, ,338 32,036 Total 25, ,338 32,036 Subsidiaries Balance as at 1 Jan Additions DINESIA a. s. 23, ,216 25,612 Total 23, ,216 25,612 Acquisition Cost Company Address Revaluation Revaluation Acquisition price Share Voting rights Equity capital Profit for the year Dividends per year Valuation as at 31 Dec DINESIA a. s. Střelničná 8/1680, Praha 8 2, % 100% 32,036 3, ,036 Total 2,106 32,036 3,747 32,036 Other Financial Investments Brutto Value SAL balance as at 1 Jan Effect of merger Change in credits Other fi nancial investments 0 2,291,335 2,514, ,658 2,699,521 loans granted iindividuals non-enterpreneurs 0 1,404,589 1,530,214 23,915 1,506,299 loans granted individuals enterpreneurs / legal entities 0 886, , ,573 1,193,222 Total 0 2,291,335 2,514, ,658 2,699,521 Allowances Balance as at 1 Jan Effect of merger Additions Disposals Additions Disposals Allowance against principal individuals non-enterpreneurs 0 8,679 37,184 34,790 11,073 19,710 19,203 11,580 Allowance against principal individuals enterpreneurs / legal entities 0 7,109 31,476 31,888 6,697 23,448 20,142 10,003 Total 0 15,788 68,660 66,678 17,770 43,159 39,345 21,583 25

28 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Net Value Net value as at 1 Jan Effect of merger Net value as at 31 Dec Net value as at 31 Dec Other fi nancial investments 0 2,275,547 2,497,093 2,677,938 loans granted individuals non-enterpreneurs 0 1,395,910 1,519,141 1,494,719 loans granted individuals enterpreneurs / legal entities 0 879, ,952 1,183,219 Total 0 2,275,547 2,497,093 2,677, Long-term Receivables Long-term trade receivables were as follows: Instalment sales 172, ,809 Total long-term trade receivables 172, ,809 Long-term trade receivables comprise that part of receivables from instalment sales that is due within 1 year of the balance sheet date. 4.3 Short-term Receivables Aging of Trade Receivables Year CZK ths. Category Before due date Past due more than days days days years 2 years Gross 1,588, ,701 70,335 83, , ,918 2,141,142 Allowances 445,485 Net 1,695,657 Gross 1,429, ,758 60, , ,805 80,946 2,001,292 Allowances 455,011 Net 1,546,281 Total Trade receivables represent the aggregate of receivables arising from lease instalments, instalment sales and loan contracts. Receivables from instalment sales 172, ,837 Receivables from lease instalments 270, ,253 Receivables from consumer loans 1,557,901 1,716,015 Total receivables 2,001,292 2,141,142 26

29 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Allowances against Short-term Receivables SAL balance as at 1 Jan Effect of merger Additions Disposals Additions Disposals Current contracts 34, ,010 64,101 2,222 12, ,112 Prematurely terminated contracts 158, ,703 18,308 4, , , , ,636 Penalty 6, ,760 4,379 6,858 2,208 1,960 7,106 Warranty claims Contractual penalties Bankruptcy 33, ,865 29,233 52,020 25,069 48,573 28,516 Contractual fees and late charges 0 16,920 14,354 10,222 21,052 12,889 16,783 17,158 SAU contractual penalties ,338 1,560 10,778 Total allowance to receivables 234, , , , , , , ,485 Stock fi nancing 1,733 52,296 12,547 25,301 41,275 14,076 15,209 40,142 Total allowances against receivables 235, , , , , , , , Short-term Receivables including Intercompany Receivables Name Česká spořitelna, a. s. 40,629 37,274 Total short-term intercompany receivables 40,629 37,274 Receivables to third parties 2,452,279 2,508,334 Total short-term receivables (gross) 2,492,908 2,545, Short-term Financial Assets Liquid valuables Cash Current accounts 50,072 32,373 Bank accounts 50,072 32,373 Total short-term financial assets 50,284 32, Prepaid Expenses Prepaid expense 699, ,408 Accrued income 129, ,386 Total accrued assets and deferred liabilities 828, ,794 Prepaid expenses comprise supplied services invoiced in the current period but partly related to the following period. These expenses will be charged against income in the period to which they relate on the accrual basis. Prepaid expenses include commissions for the mediation of business transactions. The commission expenses are charged against income over the term of the lease contract. Unbilled revenues include unbilled lease revenues and unbilled interest on loans granted, which are recognized into income in the year in which they were earned. 27

30 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 4.6 Unbilled Revenues Insurance commissions 2,190 6,307 Insurance proceeds 0 1,527 Income from instalment sales 3, Other 819 6,061 Interest income on dealer loans 4,696 4,601 Financial bonus for concluded insurance 5,015 0 Unbilled supplies 77 0 Total unbilled revenues 14,583 15, Other Receivables Short-term loan to suppliers Gross 474, ,781 Allowances against other receivables 41,275 40,142 Short-term loan to suppliers Net 432, ,639 Other receivables Total other receivables 432, ,678 Other receivables include short-term loans provided to the suppliers of leased assets. 4.8 Deferred Tax Deferred tax can be analysed as follows: Deferred tax arising from Net book value of fi xed assets 42,907 30,540 Allowances against assets 23,166 25,885 Non-current fi nancial assets 4,466 5,687 Allowances against receivables 21,597 24,642 Unpaid social security and health insurance 997 2,572 Unpaid contractual fees and late charges 2,673 3,346 Total 81,528 74, Equity Capital Changes in Equity As ember and 31 December, s Autoleasing, a. s. generated profit of CZK 43,735 thousand and CZK 20,324 thousand, respectively. The equity was CZK 472,873 thousand and 428,487 thousand as ember and 31 December. The majority shareholder issued 128 primary shares in the nominal value of CZK 1 million per share with the emissive rate CZK 3 million per share. The share capital was increased due to the emission by CZK 128 million and the share premium by CZK 256 million. The Annual General Meetings held on 28 June and 28 June, respectively, approved the profit distribution for and 2009 (see Note 8). In accordance with the act on provisions, the Company allocated a portion of profit to the legal reserve fund (see Note 8). 28

31 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Differences Arising from the Revaluation of Assets and Liabilities SAL ownership interest Revaluation as at 1 Jan Effect of merger Change in revaluation Revaluation as Change in revaluation Revaluation as DINESIA a. s. 21, ,301 23, ,244 s Autoúvěr, a. s. 276, , Total revaluation 254, ,010 2,301 23, ,244 The net change in revaluation includes deferred tax impact Current Liabilities Aging of Current Trade Payables Before due date Current liabilities 5,118 4,251 The Company has no overdue trade payables. Current trade payables comprise payables to suppliers Short-term Payables including Intercompany Payables Name Česká spořitelna, a. s. 13,326 19,330 Česká spořitelna, a. s. other liabilities 11,143 62,104 s IT Solutions CZ, s. r. o Total short-term intercompany payables 24,570 81,434 Payables to third parties 148, ,210 Total short-term payables 173, ,644 Other liabilities include in particular guarantees received from Česká spořitelna due to participation in the risk related to business transactions concluded which will be offset with outstanding receivables from prematurely terminated contracts once final settlement with the customer is done Unbilled Deliveries Accrual for unbilled supplies 55,938 64,959 Other 25,204 76,252 Total unbilled deliveries 81, , Provisions In and, the Company established provision for litigation of CZK 3,036 thousand and CZK 0 thousand, respectively. 29

32 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 4.13 Bank Loans and Borrowings Bank Loans Long-term loans 2,895,219 3,053,810 Short-term loans 5,127,850 4,208,937 Total bank loans 8,023,069 7,262,747 Bank/Creditor at 31 Dec Type of collateral Currency Česká spořitelna, a. s. 4,467,467 no collateral CZK Česká spořitelna, a. s. 66,718 no collateral CZK Česká spořitelna, a. s. 88,459 no collateral EUR Česká spořitelna, a. s. 12,133 no collateral EUR Všeobecná úvěrová banka, a. s. 42,250 bank guarantee CZK Českomoravská záruční a rozvojová banka, a. s. 84,563 bank guarantee CZK Českomoravská záruční a rozvojová banka, a. s. 460,000 bank guarantee CZK ING Bank N. V. 150,166 bank guarantee CZK ING Bank N. V. 490,000 bank guarantee CZK UniCredit Bank Czech Republic, a. s. 888,651 bank guarantee CZK UniCredit Bank Czech Republic, a. s. 12,900 bank guarantee EUR Oberbank AG pobočka ČR 184,304 bank guarantee CZK Oberbank AG pobočka ČR 24,367 bank guarantee EUR Oberbank AG pobočka ČR 110,169 bank guarantee CZK Raiffeisenbank a. s. 180,600 bank guarantee EUR Total 7,262,747 30

33 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Bank/Creditor at 31 Dec Type of collateral Currency Commerzbank AG 171,158 bank guarantee CZK Commerzbank AG 179,759 bank guarantee CZK Commerzbank AG 58,117 bank guarantee EUR Česká spořitelna, a. s. 2,212,818 no collateral CZK Česká spořitelna, a. s. 646,160 no collateral CZK Česká spořitelna, a. s. 104,167 no collateral CZK Česká spořitelna, a. s. 94,986 no collateral EUR ČMZRB, a. s. 392,311 bank guarantee CZK ING Bank N. V. 504,262 bank guarantee CZK Komerční banka, a. s. 43,772 bank guarantee CZK Komerční banka, a. s. 78,750 bank guarantee CZK Oberbank AG pobočka ČR 254,320 bank guarantee CZK Oberbank AG pobočka ČR 58,217 bank guarantee CZK Oberbank AG pobočka ČR 165,558 bank guarantee CZK Oberbank AG pobočka ČR 373,841 bank guarantee CZK Oberbank AG pobočka ČR 120,201 bank guarantee EUR Raiffeisenbank a. s. 1,234,374 bank guarantee CZK Raiffeisenbank a. s. 21,328 bank guarantee EUR Raiffeisenbank a. s. 11,054 bank guarantee CZK UniCredit Bank Czech Republic, a. s. 952,766 bank guarantee CZK UniCredit Bank Czech Republic, a. s. 62,650 bank guarantee EUR VÚB a. s. 282,500 bank guarantee CZK Total 8,023,069 Payment Schedule of Bank Loans as ember Bank/Creditor VÚB a. s. 42, ČMZRB, a. s. 544, Raiffeisenbank a. s. 180, UniCredit Bank Czech Republic, a. s. 856,619 44, ING Bank N. V. 640, Oberbank AG pobočka ČR 229,036 71,054 18, Česká spořitelna, a. s. 1,715,703 1,270, , , ,701 41,197 7,809 Total 4,208,937 1,386, , , ,701 41,197 7,809 In accordance with applicable accounting standards, a portion of loans due by 31 December 2012 is recorded in short-term bank loans. Based on existing framework agreements with banks, the Company anticipates ongoing re-financing of the current portions of loans with new sources on a short- and medium-term basis. Given the fact that all non-cs credit lines are guaranteed by the parent company, there is no risk of individual loan tranches being terminated without adequate substitution. Management of cash flow is carried out on a regularly short- and medium-term basis in collaboration with the parent bank Deferred Income Lease instalments 518, ,704 Fee for entering into a lease agreement 1, Instalment sales 46,170 39,669 Other 21,158 30,410 Total deferred income 587, ,597 31

34 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 4.15 Income Tax on Ordinary and Extraordinary Activities The charge for the year can be reconciled to the loss per the income statement as follows: Profi t before tax 25,943 74,297 Tax non-deductible items 185, ,922 Tax deductible items 92, ,739 Tax base 119, ,480 Tax loss utilization 0 0 Tax base decrease gifts Tax base adjusted 119, ,428 Tax at local income tax rate of 19% (: 19%) 22,723 27,441 Additional tax assessment / tax refund for prior period 399 1,886 Tax relief 0 0 Tax due 23,122 29,327 Tax deferred 17,503 1,235 Total tax on ordinary and extraordinary activities 5,619 30, Revenues from Ordinary Activities by Principal Activity Domestic Total Domestic Total Instalment sales (sales of goods) 74,949 74, , ,413 Loan item sales (sales of goods) 73,040 73,040 46,672 46,672 Sales of goods total 147, , , ,085 Operating lease 238, , , ,902 Finance lease 2,354,876 2,354,876 1,373,153 1,373,153 Other 57,298 57,298 15,745 15,745 Total lease (sales of own products and services) 2,650,683 2,650,683 1,579,800 1,579,800 Commissions for the mediation of insurance 32,079 32,079 31,823 31,823 Revenues from fees for loan agreements processing 180, , , ,848 Revenues from other fees 32,322 32,322 34,874 34,874 Other revenues 37,715 37,715 26,882 26,882 Total sale of own products and services 2,933,309 2,933,309 1,860,227 1,860,227 Total sales of goods, own products and services 3,081,298 3,081,298 2,067,312 2,067,312 32

35 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties Structure of Leasing Portfolio Commodity Percentage of portfolio in Percentage of portfolio in Cars Vans Trucks Semi-trailers and trailers Tow trucks Buses Handling equipment Marine and railway equipment Other transport equipment Total vehicles and transport equipment Machinery Machinery for the food industry Furniture, fi xtures and services Offi ce equipment Other machines Agricultural machines and equipment Construction machines Health equipment Measurement and laboratory equipment Telecommunication equipment Polygraphic machines Power machinery Other machines and equipment Total machinery and equipment Total net book values, net of allowances Related Party Transactions Revenues Generated from Related Party Transactions Entity Relation to Company Services Finance income Česká spořitelna, a. s. Parent company DINESIA a. s. Subsidiary 1, ,294 s IT Solutions CZ, s. r. o. Sister company 1, ,921 REICO investiční společnost ČS, a. s. Sister company 1, ,590 Realitní společnost ČS, a. s. Sister company 1, ,046 ÖCI-G.m.b.H. Other related party Procurement Services CZ, s. r. o. Other related party Investiční společnost ČS, a. s. Other related party Partner ČS, a. s. Sister company 1, ,345 Erste Group Share Services (EGSS) Other related party Total 9, ,798 Total 33

36 Přehled Cash Flow o změnách Statement vlastního Notes kapitálu to the Financial Příloha k Statements účetní závěrce Report Zpráva on Relations o vztazích between Related Parties Entity Relation to Company Services Finance income Česká spořitelna, a. s. Parent company ,144 DINESIA a. s. Subsidiary 2, ,679 s IT Solutions CZ, s. r. o Sister company 1, ,436 REICO investiční společnost ČS, a. s. Sister company 1, ,841 Realitní společnost ČS, a. s. Sister company 1, ,459 ÖCI-G.m.b.H. Other related party Procurement Services CZ, s. r. o. Other related party Investiční společnost ČS, a. s. Other related party Partner ČS, a. s. Sister company 1, ,694 Total 11, , Expenses Incurred from Related Party Transactions Entity Relation to Company Services Other costs Finance cost Česká spořitelna, a. s. Parent company 24,104 2, , ,289 DINESIA a. s. Subsidiary s IT Solutions CZ, s. r. o. Sister company 1, ,207 ÖCI-G.m.b.H. Other related party 6, ,348 Procurement Services CZ, s. r. o. Other related party Procurement Services GmbH Other related party Total 32,211 2, , ,396 Entity Relation to Company Services Other costs Finance cost Česká spořitelna, a. s. Parent company 15,847 3, , ,865 DINESIA a. s. Subsidiary 1, ,860 s IT Solutions CZ, s. r. o Sister company 1, ,084 ÖCI-G.m.b.H. Other related party 4, ,107 Procurement Services CZ, s. r. o. Other related party Total 23,530 3, , , Consumption of Material and Energy Consumed material 8,000 7,005 Consumed energy 1,485 1,642 Total consumption of material and energy 9,485 8,647 Total Total Total 34

37 Cash Flow Statement Přehled Notes o to změnách the Financial vlastního Statements kapitálu Příloha Report k on účetní Relations závěrce between Zpráva Related o vztazích Parties 4.19 Services Marketing 20,985 26,661 Audit 2,447 2,274 Legal and advisory services Services related to the extraordinary termination of contracts 23,075 21,497 Consideration for professional services agreements 12,813 9,886 Services based on the mandate contract with DINESIA a. s. 1, Training 890 1,425 Telephone, fax, postal charges 6,772 3,506 Repairs and maintenance 5,950 3,745 Travel expenses Outsourcing 7,590 5,626 Commissions for trade partners 315, ,296 Rental 7,735 7,504 Others services related to leasing 41,343 33,658 Other 17,754 26,590 Total 465, , Change in Provisions and Allowances Change in accounting allowances for fi xed assets and receivables 51,948 14,105 Total change in provisions and allowances in operating activities 51,948 14, Summary of Changes in Allowances SAL balance as 2009 Effect of merger Additions Disposals Additions Disposals Allowance to leased assets 171, ,816 74, ,924 91,669 77, ,239 Allowance to tangibles in progress 1, ,683 1,613 6,683 3, ,283 Allowance to advances for investments 1, ,553 8, Allowance to trade receivables 234, ,622 4, , , , ,485 Allowance to other receivables 1,733 52,296 2,927 15,681 41,275 14,076 15,209 40,142 Allowance to loans 0 15,788 14,354 12,372 17,770 65,546 61,733 21,583 Total 409, ,706 60, , , , , , Sales of Fixed Assets Sales of fi xed assets 313, ,826 Net book value of sold fi xed assets 514, ,920 Loss ( ) from the sale of fixed assets 200,751 84,094 In, the Company sold part of its portfolio of lease contracts. The loss from the sale of related fixed assets was fully covered by a release of allowances that were created in prior years. 35

38 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 4.23 Other Operating Income Contractual fi nes and late charges 28,092 34,814 Loss compensation 201, ,038 Re-charge and insurance premium proceeds 4,407 3,762 Ceded receivables 14,957 8,360 Other income except for leases 3,708 1,004 Total other operating income 252, , Other Operating Expenses Other operating expenses 9,641 13,734 Costs of ceded receivables 208, ,417 Write off of receivables 30,402 10,106 Other charges and penalties Insurance premium cost 28,741 15,434 Shortages and losses in operating activities 55,442 17,572 Total other operating expenses 332, , Interest Income Interest on current bank accounts Margin on instalment sales 24,067 20,754 Interest on loans granted to individuals (non-entrepreneurs) 274, ,235 Interest on loans granted to individuals (entrepreneurs) and legal entities 205, ,576 Interest other debtors 17,975 14,072 Total 521, , Interest Expense Interest on loans 326, ,646 Interest on overdrafts 7,176 4,139 Total 333, , Other Finance Income Foreign exchange gains 42,292 17,088 Other Total 42,454 17, Other Finance Cost Bank charges 23,482 13,181 Other Foreign exchange losses 10,730 22,645 Total 34,270 35,912 36

39 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 5. Employees, Management and Statutory Bodies 5.1 Personnel Expenses and Number of Employees The average number of employees and personnel expenses in and are as follows: Number Wages and salaries Bonuses for members of statutory bodies Social security and health insurance Other costs Total personnel expenses Employees 96 48, ,752 1,435 66,796 Management 13 19, ,905 1,115 26,608 Total , ,657 2,550 93,404 Number Wages and salaries Bonuses for members of statutory bodies Social security and health insurance Other costs Total personnel expenses Employees 95 50, ,386 1,294 69,462 Management 13 14, ,873 1,074 20,280 Total , ,259 2,368 89,742 Management includes the Board of Directors and executive management. 5.2 Provided Loans, Credits and Other Items In members of the Board of Directors received the following loans and compensation in excess of their base salaries: Board of Directors Contribution to life and pension insurance 33 Passenger cars / other movable and immovable items with the possibility of personal use (data represent an amount by which the tax base of employees is increased) 78 Shares (data represent an amount by which the tax base of employees is increased) 0 Other items (increase of tax base personal fuel consumption) 15 Total Contingent Assets and Liabilities As ember, the Company was not party to any litigation whose outcome would have a material impact on the Company. As at the balance sheet date, the Company has no contractual commitments comprising investment expenses from executed contracts. 7. Statement of Cash Flows (see Appendix 1) The cash flow statement was prepared under the indirect method. 37

40 Cash Flow Statement Notes to the Financial Statements Report on Relations between Related Parties 8. Statement of Changes in Equity Share capital Share premium Other capital funds Allocation to legal reserve fund Differenc es arising from revaluation of assets Accumulated loss Profit/ loss for the period As , , , , ,115 21,861 Effect of merger , , Distribution of profi t or loss , ,115 0 Differences arising from revaluation of investments , ,301 Issuing of shares 128, , ,000 Rounding Profi t/(loss) for the period ,324 20,324 As 500, , , , ,429 20, ,487 Distribution of profi t or loss ,324 20,324 0 Differences arising from revaluation of investments Allocation to legal reserve fund , , Increase in other capital funds Profi t/(loss) for the period ,734 43,734 As 500, , ,000 4,100 24, ,205 43, ,874 Total Prepared on Signature of accounting unit s statutory body: Wilfried Elbs Chairman of the Board of Directors Ing. Tomáš Veverka Vice-chairman of the Board of Directors Person responsible for accounting: Ing. Tomáš Veverka Financial and Managing Officer Person responsible for financial statements: Ing. Tomáš Veverka Financial and Managing Officer 38

41 Notes to the Financial Statements Report on Relations between Related Parties Report on Relations between Related Parties pursuant to Section 66a (9) of the Commercial Code for the year ended 31 December Company s Autoleasing, a. s. with its registered address located in Budějovická 1518/13 B, , Prague 4, Business Registration Number (IČ) , incorporated in the Commercial Register, Section B, File No. 8912, maintained in the Municipal Court in Prague (hereinafter the Submitter ) is a member of a group in which the following relations exist between the Submitter and the controlling persons and between the Submitter and other persons controlled by the same controlling persons (hereinafter the Related Parties ). This report on relations between the persons listed below has been prepared in compliance with the provisions of Section 66a (9) of Act No. 513/1991 Coll., the Commercial Code, as amended, for the year ended 31 December (hereinafter the fiscal year ). The Submitter and the persons listed below entered into the following contracts and received or made the following legal acts and other distinct measures: A. Overview of the Group and/or Persons whose Relations are Described Below (See Notes B and C) Erste Group Bank AG ÖCI-Unternehmensbeteiligungsgesellschaft m. b. H. Procurement Services GmbH Procurement Services CZ, s. r. o. Investiční společnost České spořitelny, a. s. Erste Group Shared Services (EGSS), s. r. o. EGB Ceps Beteiligungen GmbH EGB Ceps Holding GmbH Česká spořitelna, a. s. DINESIA a. s. s IT Solutions CZ, s. r. o. REICO investiční společnost České spořitelny, a. s. Realitní společnost České spořitelny, a. s. Partner České spořitelny, a. s. B. Controlling Persons Erste Group Bank AG, with its registered address located in Graben 21, Vienna, Austria Relation to the Company: indirectly controlling person Description of relations see Annex 1 EGB Ceps Beteiligungen GmbH, with its registered address located in Graben 21, Vienna, Austria EGB Ceps Holding GmbH, with its registered address located in Graben 21, Vienna, Austria Česká spořitelna, a. s., with its registered address located in Olbrachtova 1929/62, Prague 4, IČ: Relation to the Company: directly controlling person Description of relations see Annex No. 2 C. Other Related Parties DINESIA a. s., with its registered address located in Střelničná 8/1680, Prague 8, IČ: Relation to the Company: a company directly controlled by the Submitter (subsidiary) Description of relations see Annex No. 3 s IT Solutions CZ, s. r. o., with its registered address located in Antala Staška 32/1292, Prague 4, IČ: Relation to the Company: a company directly controlled by Česká spořitelna (sister company) Description of relations see Annex No. 4 ÖCI-Unternehmensbeteiligungsgesellschaft. m. b. H., with its registered address located in Graben 21, Vienna, Austria Relation to the Company: a company directly controlled by Erste Group Bank AG, the parent company of Česká spořitelna, a. s. Description of relations see Annex No. 4 39

42 Notes to the Financial Statements Report on Relations between Related Parties Procurement Services CZ, s. r. o., with its registered address located in Budějovická 1912/64b, Prague 4 Krč IČ: Relation to the Company: a company directly controlled by Procurement Services GmbH Description of relations see Annex No. 4 Procurement Services GmbH, with its registered address located in Brehmstrasse 12, Vienna, Austria Relation to the Company: related party directly controlled by Erste Group Bank AG Description of relations see Annex No. 4 REICO investiční společnost České spořitelny, a. s., with its registered address located in Antala Staška 2027/79, Prague 4, IČ: Relation to the Company: related party directly controlled by Česká spořitelna (sister company) Description of relations see Annex No. 4 Realitní společnost České spořitelny, a. s., with its registered address in Vinohradská 180/1632, Prague 3, IČ: Relation to the Company: related party directly controlled by Česká spořitelna (sister company) Description of relations see Annex No. 4 Partner České spořitelny, a. s., with its registered address located in Poláčkova 1976/2, Prague 4, IČ: Relation to the Company: related party directly controlled by Česká spořitelna (sister company) Description of relations see Annex No. 4 Investiční společnost České spořitelny, a. s., with its registered address located in Evropská 2690/17, Prague 6, IČ: Relation to the Company: other related party Description of relations see Annex No. 4 Erste Group Shared Services (EGSS), s. r. o., with its registered address located in Národní třída 44, Hodonín, IČ: Relation to the Company: other related party Description of relations see Annex No. 4 Conclusion Considering the relations between the Submitter and the Related Parties reviewed by us the Submitter appears to have suffered no detriment as a result of the contracts, other legal acts or other measures entered into, made or received by the Submitter in the interest or at the initiative of the Related Parties in the fiscal year. Annex No. 1 to the Related Party Report Description of Relations to Erste Group Bank AG Other legal acts The Submitter provided its staff beneficiary purchase of Erste Group Bank s employee shares. The Submitter accepted or rendered no other legal acts in the interest or at the initiative of the Controlling Person or Related Parties in the fiscal year. 40

43 Notes to the Financial Statements Report on Relations between Related Parties Annex No. 2 to the Related Party Report Description of Relations to Česká spořitelna, a. s. Performance rendered in relation to contracts entered into in prior years: Contract name Contracting party Performance description and quantity Lease agreements ČS, a. s. Lease of transportation technology and other technology Detriment, if any None Performance received from contracts entered into in prior years: Contract name Contracting party Performance description and quantity Detriment, if any Current account contracts ČS, a. s. Current account maintenance None Outsourcing service contract ČS, a. s. Outsourcing services for internal audit, marketing and corporate communication None Business cooperation contract ČS, a. s. Commission None Contract for bank guarantee ČS, a. s. Bank guarantees for provided bank loans None Master agency agreement for receivable portfolio administration ČS, a. s. Receivable portfolio administration None Contract of cooperation for securing of funds ČS, a. s. Patronage statement None Business cooperation contract ČS, a. s. Participation in risk None Contract for the compensation of damage ČS, a. s. Participation in risk None Contract for credit line No. 33/09/LCD Contract for credit line No. 1048/04/LCD Contract for credit line No. 839/09/LCD Contract for credit line No. 3392/08/LCD ČS, a. s. Provision of loan None Contract for the lease of non-residential premises ČS, a. s. Contract for the lease of non-residential premises Prague 4, Antala Staška technical centre None Contract for the lease of non-residential premises ČS, a. s. Rent of the non residential premises Trianon None Summary of transactions with Česká spořitelna, a. s., as at the balance sheet date (in CZK thousands): Receivables 37,274 Payables 19,330 Other liabilities 62,104 Bank loans 4,634,777 Costs 160,289 Revenues 931 Other liabilities include in particular guarantees received from Česká spořitelna due to participation in the risk related to business transactions concluded which will be offset with outstanding receivables from prematurely terminated contracts once final settlement with the customer is done. Other legal acts The Submitter accepted or rendered no other legal acts in the interest or at the initiative of the Controlling Person or Related Parties in the fiscal year. The Submitter did not distribute any dividends, shares in profit or equity shares in the fiscal year. 41

44 Notes to the Financial Statements Report on Relations between Related Parties Annex No. 3 to the Related Party Report Description of Relations to DINESIA a. s. Ownership interest The Submitter is the sole shareholder of DINESIA a. s. The basic capital of DINESIA a. s. is CZK 30,000 thousand. The Submitter reported gain/loss on revaluation of CZK 24,244 thousand in respect of the above ownership interest in its equity. Performance rendered in relation to contracts entered into in prior years: Contract name Contracting party Performance description Detriment, if any Business activities transfer contract DINESIA a. s. Payment for business activities administration services rendered to the Submitter None Summary of transactions with DINESIA a. s. as at the balance sheet date (in CZK thousands): Revenues 1,294 Other legal acts The Submitter accepted or rendered no other legal acts in the interest or at the initiative of the Controlling Person or Related Parties in the fiscal year. 42

45 Notes to the Financial Statements Report on Relations between Related Parties Annex No. 4 to the Related Party Report Description of Relations to other Related Parties Performance rendered in relation to contracts entered into in prior years: Contract name Contracting party Performance description and quantity Detriment, if any Lease agreements s IT Solutions CZ, s. r. o. Lease of transportation technology None Management services ÖCI-Unternehmensbeteiligungsgesellschaft m. b. H., Provision of professional services None Lease agreements Procurement Services CZ, s. r. o. Lease of transportation technology None Lease agreements REICO Investiční společnost ČS, a. s. Lease of transportation technology and furniture None Lease agreements Realitní společnost ČS, a. s. Lease of transportation technology, offi ce technology None Lease agreements Partner ČS, a. s. Lease of transportation technology, offi ce technology None Lease agreements Investiční společnost ČS, a. s. Lease of transportation technology None Lease agreements Erste Group Shared Services (EGSS), s. r. o. Leases None Performance received from contracts entered into in prior years: Contract name Contracting party Performance description and quantity Detriment, if any Service contract s IT Solutions CZ, s. r. o. Warranty and post-warranty of IT equipment servicing None Order for the purchase of assets s IT Solutions CZ, s. r. o. Purchase of tangible fi xed assets None Purchase of assets Procurement Services CZ, s. r. o. Purchase of assets None Purchase of assets Procurement Services GmbH Purchase of assets None Summary of other related party transactions as at the balance sheet date (in CZK thousands): Costs 8,107 Revenues 7,573 Other legal acts The Submitter accepted or rendered no other legal acts in the interest or at the initiative of the Controlling Person or Related Parties in the fiscal year. This Report was discussed with and approved by the Company s Board of Directors on Wilfried Elbs Chairman of the Board of Directors 43

46 Notes to the Financial Statements Report on Relations between Related Parties 44

47 s Autoleasing, a. s. Budějovická 1518/13 B, Prague 4, IČ: Information line: Internet: Annual Report Production: Omega Design, s. r. o.

48 AR-MH-PB English