ČESKÁ EXPORTNÍ BANKA
ANNUAL FINANCIAL REPORT 2023
23This version is an English translation of the Czech annual report. Only the Czech
version of the report is legally binding.
The Czech statutory annual report is available at:
hps://www.ceb.cz/o-bance/vyrocni-zpravy/
23=
introduction of new products to support
export-oriented companies
a 37 % increase in the volume
of provided products
to CZK 6.8 billion
2023 – the most commercially successful
year in the last 9 years
CZK 974 million – CEB‘s highest profit before
tax since its foundation in 1995
significant support to strategic
segments of economy
reduction in non-performing
receivables to 1% of the volume
of loan principles
successful cooperation
with the commercial banking sector
3
Introduction by the Chairman
of the Board of Directors
Dear shareholders, dear business partners,
despite the many challenges it brought, 2023 was one of the most successful
years for Česká exportní banka, a.s. (CEB) in its nearly 30-year history in
many aspects. In the past year, CEB continued in the process of transforming
itself into a modern and active financial institution, oering solutions and
value to its clients and partners.
The continuously deteriorating international security situation, weak growth
in international trade, price volatility of inputs and raw materials, falling
demand, and persistent inflationary pressures created an environment that
negatively influenced Czech export suppliers and exporters in 2023.
Despite the above limitations, CEB managed to meet its strategic goals
in 2023. In connection with the amendment to Act No. 58/1995 Coll.
on Insurance and Financing of Exports with State Support, the Bank
introduced completely new products supporting the increase of international
competitiveness of Czech export-oriented companies in the first quarter of
2023. Thus, CEB is now able to support Czech companies whose exports
comprise at least a quarter of their annual sales and which want to reinforce
their international competitiveness. In 2023, the newly introduced products
comprised almost 40% of granted loans. The CEB's product oer is thus
similar to that of foreign export banks and agencies that support exports
in competing economies.
Overall, in 2023 CEB provided supported financing products totalling
CZK 6.8 billion to support Czech export-oriented companies, Czech
exporters, and Czech investors expanding abroad, which is 37% more
year-on-year. In terms of the financial volume of signed contracts, this is
the best result in the last nine years. Furthermore, the Bank succeeded in
reducing the volume of non-performing receivables to only 1% of the total
amount of credit portfolio principals at the end of 2023. The increase in the
volume of deals connected with the development of market interest rates
and a responsible approach to the Bank's operating costs were reflected
in improved return ratios and profit exceeding our expectations for 2023
and amounting to nearly CZK 1 billion before tax, historically CEB‘s highest
profit before tax since its foundation in 1995.
4
The strategic direction of CEB is fully in line with the premises of the newly
approved export strategy of the Czech Republic for 2023–2033. This
includes support for strategic sectors of the economy, ESG transition, growth
segments of the economy with high added value and, finally, companies
reinforcing their international competitiveness through investments abroad.
Close cooperation between CEB and the commercial banking sector,
especially in the area of club and syndicated financing, remains an important
aspect in meeting the needs of Czech export-oriented companies.
2023 was also crucial for CEB’s future. In November 2023, the Government
of the Czech Republic decided to start the integration process between CEB
and the National Development Bank (NDB). The aim of this process is to
create a group with strong capital to provide support for small and medium-
sized enterprises, export, and infrastructure project financing as well as to
significantly increase the lending and guarantee capacity of the NDB by tens
of billions of crowns without additional costs for the state budget. CEB, as
a wholly owned subsidiary of NDB, will continue to operate as a regulated
bank and export credit agency (ECA) specialising in export financing. This
is good news for the Czech economy on its journey of transformation into an
economy built on innovation, added value, final products, and environmental
responsibility.
Dear shareholders, dear business partners, I would like to thank you for your
cooperation in 2023. At the same time, I would like to thank the employees
of Česká exportní banka, a.s. for their work, eort, and determination to
continue transforming CEB into a modern financial institution.
Ing. Daniel Krumpolc
Chairman of the Board of Directors and CEO
5
KPMG Česká republika Audit, s.r.o., a Czech limited liability company and a member firm of
the KPMG global organization of independent member firms
affiliated with KPMG
International Limited, a private English company limited by guarantee.
Recorded in the Commercial Register kept by the
Municipal Court in Prague, Section C, Insert No. 24185
Identification No. 49619187
VAT No. CZ699001996
ID data box: 8h3gtra
KPMG Česká republika Audit, s.r.o.
Pobřežní 1a
186 00 Praha 8
Czech Republic
+420 222 123 111
www.kpmg.cz
This document is an unsigned English translation of the Czech independent auditor’s report that we issued on
26 March 2024 on the statutory financial statements included in the annual financial report of Česká exportní
banka, a.s., prepared in accordance with the provisions of Commission Delegated Regulation (EU) 2019/815
of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council
with regard to regulatory technical standards on the specification of a single electronic reporting format (“the
ESEF Regulation”), related to the financial statements. The accompanying annual financial report does not
represent a statutory annual financial report. Consequently, neither it nor this copy of the auditor’s report is a
legally binding document. We did not audit the consistency of the accompanying annual financial report with
the statutory and legally binding annual financial report under the ESEF Regulation in Czech, and therefore
we do not provide an opinion on the accompanying annual financial report.
Independent Auditor’s Report
to the Shareholders of Česká exportní banka, a.s.
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Česká exportní banka, a.s (“the Company”),
prepared in accordance with IFRS Accounting Standards as adopted by the European Union, which comprise
the statement of financial position as at 31 December 2023, the income statement, the statement of
comprehensive income, the statement of changes in equity and the cash flow statement for the year then
ended, and notes to the financial statements, comprising material accounting policies and other explanatory
information. Information about the Company is set out in Note 1 to the financial statements.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the
Company as at 31 December 2023, and of its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting Standards as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with the Act on Auditors, Regulation (EU) No. 537/2014 of the
European Parliament and of the Council, and Auditing Standards of the Chamber of Auditors of the Czech
Republic, consisting of International Standards on Auditing (ISAs), which may be supplemented and amended
by relevant application guidelines. Our responsibilities under those regulations are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the Act on Auditors and the Code of Ethics adopted by the Chamber of
Auditors of the Czech Republic, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
6
KPMG Česká republika Audit, s.r.o., a Czech limited liability company and a member firm of
the KPMG global organization of independent member firms
affiliated with KPMG
International Limited, a private English company limited by guarantee.
Recorded in the Commercial Register kept by the
Municipal Court in Prague, Section C, Insert No. 24185
Identification No. 49619187
VAT No. CZ699001996
ID data box: 8h3gtra
KPMG Česká republika Audit, s.r.o.
Pobřežní 1a
186 00 Praha 8
Czech Republic
+420 222 123 111
www.kpmg.cz
This document is an unsigned English translation of the Czech independent auditor’s report that we issued on
26 March 2024 on the statutory financial statements included in the annual financial report of Česká exportní
banka, a.s., prepared in accordance with the provisions of Commission Delegated Regulation (EU) 2019/815
of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council
with regard to regulatory technical standards on the specification of a single electronic reporting format (“the
ESEF Regulation”), related to the financial statements. The accompanying annual financial report does not
represent a statutory annual financial report. Consequently, neither it nor this copy of the auditor’s report is a
legally binding document. We did not audit the consistency of the accompanying annual financial report with
the statutory and legally binding annual financial report under the ESEF Regulation in Czech, and therefore
we do not provide an opinion on the accompanying annual financial report.
Independent Auditor’s Report
to the Shareholders of Česká exportní banka, a.s.
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Česká exportní banka, a.s (“the Company”),
prepared in accordance with IFRS Accounting Standards as adopted by the European Union, which comprise
the statement of financial position as at 31 December 2023, the income statement, the statement of
comprehensive income, the statement of changes in equity and the cash flow statement for the year then
ended, and notes to the financial statements, comprising material accounting policies and other explanatory
information. Information about the Company is set out in Note 1 to the financial statements.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the
Company as at 31 December 2023, and of its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting Standards as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with the Act on Auditors, Regulation (EU) No. 537/2014 of the
European Parliament and of the Council, and Auditing Standards of the Chamber of Auditors of the Czech
Republic, consisting of International Standards on Auditing (ISAs), which may be supplemented and amended
by relevant application guidelines. Our responsibilities under those regulations are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the Act on Auditors and the Code of Ethics adopted by the Chamber of
Auditors of the Czech Republic, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Impairment allowances for loans to customers and provisions for guarantees provided to customers
As at 31 December 2023, gross loans and advances to customers amount to CZK 19,459 million and related
impairment allowance amounts to CZK 243 million; financial guarantees issued amount to CZK 2,418 million
and related impairment provision amounts to CZK 52 million (as at 31 December 2022, loans and advances
to customers amount to CZK 16,013 million and related impairment allowance amounts to CZK 211 million;
financial guarantees issued amount to CZK 1,814 million and related impairment provision amounts to CZK
33 million).
Refer to the following notes to the financial statements: 2 (Accounting policies), 3 (Risk management), 10
(Loss from impairment of financial instruments), 13 (Loans and receivable at amortized costs) and 20
(Provisions).
The key audit matter
The Company’s management makes significant judgments and complex assumptions when estimating
expected credit losses (“the Expected Credit Losses”, “ECLs”) in respect of loans and advances to
customers (together “Loans”, “exposures”) and financial guarantees issued („Guarantees“).
For the purposes of estimating the Expected Credit Losses, the Loans and Guarantees are assigned to one
of three stages in line with the requirements of IFRS 9 Financial instruments. Stage 1 and Stage 2 comprise
performing exposures, with Stage 2 being exposures with a significant increase in credit risk since
origination. Stage 3 are exposures in default. The assessment of whether a loan experienced a significant
increase in credit risk or is in default requires use of quantitative criteria (such as internal rating), qualitative
criteria and judgment.
Once the exposures are allocated to Stages, key judgements and assumptions relevant to the measurement
of ECLs for Stage 1 Loans and Guarantees comprise:
• Exposure at default (EAD), determined as gross carrying amount decreased by the value of any
underlying collateral (primarily created by insurance contracts, bank guarantees or cash);
• Expected loss ratio, estimated using a statistical model relying on historical internal data about defaults
of loans and related losses;
• Upscale factor reflecting forward-looking information (FLI), determined by means of a statistical model
based on selected macroeconomic indicators.
ECLs for Stage 2 and Stage 3 Loans and Guarantees are determined on an individual basis by discounting
the probability-weighted projections of estimated future cash flows. The key judgments and assumptions
therein comprise:
• Probabilities assigned to cash flow projections;
• Estimated amounts and timing of future cash repayments, including cash flows from any underlying
collateral.
Due to the above complexities, coupled with the need to consider the effects of the current volatile economic
conditions (such as the inflation, energy cost and economic recession), on the measurement of ECLs, the
area required our increased attention in the audit and as such was determined to be a key audit matter.
19,429
7
How the matter was addressed in our audit
Our procedures, performed, where applicable, with the assistance from our own credit risk and information
technology (IT) audit specialists, included, among others:
We critically assessed the Company‘s loan impairment policies, methods and models, and the processes
related to estimating ECLs. As part of the procedure, we assessed the process of determination of internal
ratings of borrowers and identifying indicators of default and significant increase in credit risk, and allocating
of Loans and Guarantees to Stages. We also inspected and assessed the development and validation
documentation for internal rating and ECL models, including the Company’s retrospective testing of major
model inputs.
We tested the design, implementation and operating effectiveness of selected IT-based and manual controls
over the disbursement of loans and the receipt of borrowers’ repayments and their matching to scheduled
loan instalments. We also tested design and implementation of selected controls over the ECL
measurement.
We assessed whether the definition of default and staging criteria were applied consistently and in line with
the requirements of the financial reporting standards.
For a sample of exposures, we critically assessed, by reference to the underlying loan files and inquires of
loan officers and credit risk personnel, the existence of any triggers for classification to Stage 2 or Stage 3.
For a sample of Stage 1 secured exposures, we challenged the realizable value of collateral, by reference to
the underlying collateral agreements (for non-cash collateral) or evidence supporting balances of cash
serving as collateral. For a sample of Stage 1 unsecured exposures, we challenged the EAD parameter, the
expected loss ratio and upscale factor assigned to these exposures, also considering the FLI, which we
independently evaluated.
For impairment allowances calculated individually (Stage 2 and Stage 3), for a risk-based sample of loans,
we challenged the Company’s cash flow projections and key assumptions used therein, by reference to the
respective loan files and inquiries of the Company’s credit risk personnel. We also evaluated the collateral
values by reference to underlying terms of collateral agreements or evidence supporting balances of cash
collateral.
We evaluated whether in its ECL measurement the Company appropriately considered the effects of the
market disruption resulting from the actual economic conditions.
We examined whether the Company’s loan impairment and credit risk-related disclosures in the financial
statements appropriately address the relevant quantitative and qualitative information required by the
applicable financial reporting framework.
Other Information
In accordance with Section 2(b) of the Act on Auditors, other information is defined as information included in
the annual financial report (“the annual report”) other than the financial statements and our auditor’s report.
The statutory body is responsible for the other information.
Our opinion on the financial statements does not cover the other information. In connection with our audit of
the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. In addition, we assess whether the other information
has been prepared, in all material respects, in accordance with applicable laws and regulations, in particular,
whether the other information complies with laws and regulations in terms of formal requirements and the
8
How the matter was addressed in our audit
Our procedures, performed, where applicable, with the assistance from our own credit risk and information
technology (IT) audit specialists, included, among others:
We critically assessed the Company‘s loan impairment policies, methods and models, and the processes
related to estimating ECLs. As part of the procedure, we assessed the process of determination of internal
ratings of borrowers and identifying indicators of default and significant increase in credit risk, and allocating
of Loans and Guarantees to Stages. We also inspected and assessed the development and validation
documentation for internal rating and ECL models, including the Company’s retrospective testing of major
model inputs.
We tested the design, implementation and operating effectiveness of selected IT-based and manual controls
over the disbursement of loans and the receipt of borrowers’ repayments and their matching to scheduled
loan instalments. We also tested design and implementation of selected controls over the ECL
measurement.
We assessed whether the definition of default and staging criteria were applied consistently and in line with
the requirements of the financial reporting standards.
For a sample of exposures, we critically assessed, by reference to the underlying loan files and inquires of
loan officers and credit risk personnel, the existence of any triggers for classification to Stage 2 or Stage 3.
For a sample of Stage 1 secured exposures, we challenged the realizable value of collateral, by reference to
the underlying collateral agreements (for non-cash collateral) or evidence supporting balances of cash
serving as collateral. For a sample of Stage 1 unsecured exposures, we challenged the EAD parameter, the
expected loss ratio and upscale factor assigned to these exposures, also considering the FLI, which we
independently evaluated.
For impairment allowances calculated individually (Stage 2 and Stage 3), for a risk-based sample of loans,
we challenged the Company’s cash flow projections and key assumptions used therein, by reference to the
respective loan files and inquiries of the Company’s credit risk personnel. We also evaluated the collateral
values by reference to underlying terms of collateral agreements or evidence supporting balances of cash
collateral.
We evaluated whether in its ECL measurement the Company appropriately considered the effects of the
market disruption resulting from the actual economic conditions.
We examined whether the Company’s loan impairment and credit risk-related disclosures in the financial
statements appropriately address the relevant quantitative and qualitative information required by the
applicable financial reporting framework.
Other Information
In accordance with Section 2(b) of the Act on Auditors, other information is defined as information included in
the annual financial report (“the annual report”) other than the financial statements and our auditor’s report.
The statutory body is responsible for the other information.
Our opinion on the financial statements does not cover the other information. In connection with our audit of
the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. In addition, we assess whether the other information
has been prepared, in all material respects, in accordance with applicable laws and regulations, in particular,
whether the other information complies with laws and regulations in terms of formal requirements and the
procedure for preparing the other information in the context of materiality, i.e. whether any non-compliance
with those requirements could influence judgments made on the basis of the other information.
Based on the procedures performed, to the extent we are able to assess it, we report that:
• the other information describing matters that are also presented in the financial statements is, in all
material respects, consistent with the financial statements; and
• the other information has been prepared in accordance with applicable laws and regulations.
In addition, our responsibility is to report, based on the knowledge and understanding of the Company
obtained in the audit, on whether the other information contains any material misstatement. Based on the
procedures we have performed on the other information obtained, we have not identified any material
misstatement.
Responsibilities of the Statutory Body, Supervisory Board and Audit Committee for the Financial
Statements
The statutory body is responsible for the preparation and fair presentation of the financial statements in
accordance with IFRS Accounting Standards as adopted by the European Union and for such internal control
as the statutory body determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the statutory body is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the statutory body either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Supervisory Board is responsible for overseeing the Company’s financial reporting process. The Audit
Committee is responsible for monitoring the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the above regulations will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with the above regulations, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit 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 Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the statutory body.
• Conclude on the appropriateness of the statutory body’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If
9
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
•Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In compliance with Article 10(2) of Regulation (EU) No. 537/2014 of the European Parliament and of
the Council, we provide the following information in our independent auditor’s report, which is required in
addition to the requirements of International Standards on Auditing:
Appointment of Auditor and Period of Engagement
We were appointed as the auditors of the Company by the General Meeting of Shareholders on 29 April 2021
and our uninterrupted engagement has lasted for 3 years.
Consistency with Additional Report to Audit Committee
We confirm that our audit opinion on the financial statements expressed herein is consistent with
the additional report to the Audit Committee of the Company, which we issued on 25 March 2024 in
accordance with Article 11 of Regulation (EU) No. 537/2014 of the European Parliament and of the Council.
Provision of Non-audit Services
We declare that no prohibited services referred to in Article 5 of Regulation (EU) No. 537/2014 of
the European Parliament and of the Council were provided.
Report on Compliance with the ESEF Regulation
We have undertaken a reasonable assurance engagement on the compliance of financial statements included
in the annual report with the provisions of Commission Delegated Regulation (EU) 2019/815 of 17 December
2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to
regulatory technical standards on the specification of a single electronic reporting format (“the ESEF
Regulation”), related to the financial statements.
10
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
•Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In compliance with Article 10(2) of Regulation (EU) No. 537/2014 of the European Parliament and of
the Council, we provide the following information in our independent auditor’s report, which is required in
addition to the requirements of International Standards on Auditing:
Appointment of Auditor and Period of Engagement
We were appointed as the auditors of the Company by the General Meeting of Shareholders on 29 April 2021
and our uninterrupted engagement has lasted for 3 years.
Consistency with Additional Report to Audit Committee
We confirm that our audit opinion on the financial statements expressed herein is consistent with
the additional report to the Audit Committee of the Company, which we issued on 25 March 2024 in
accordance with Article 11 of Regulation (EU) No. 537/2014 of the European Parliament and of the Council.
Provision of Non-audit Services
We declare that no prohibited services referred to in Article 5 of Regulation (EU) No. 537/2014 of
the European Parliament and of the Council were provided.
Report on Compliance with the ESEF Regulation
We have undertaken a reasonable assurance engagement on the compliance of financial statements included
in the annual report with the provisions of Commission Delegated Regulation (EU) 2019/815 of 17 December
2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to
regulatory technical standards on the specification of a single electronic reporting format (“the ESEF
Regulation”), related to the financial statements.
Responsibilities of the Statutory Body
The Company‘s statutory body is responsible for the preparation of financial statements that comply with the
ESEF Regulation. This responsibility includes:
•the design, implementation and maintenance of internal control relevant to the application of the ESEF
Regulation;
•the preparation of financial statements included in the annual report in the applicable XHTML format.
Auditor’s Responsibilities
Our responsibility is to express an opinion on whether the financial statements included in the annual report
comply, in all material respects, with the ESEF Regulation based on the evidence we have obtained. We
conducted our reasonable assurance engagement in accordance with International Standard on Assurance
Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial
Information (“ISAE 3000”).
The nature, timing and extent of procedures selected depend on the auditor’s judgment. Reasonable
assurance is a high level of assurance, but is not a guarantee that an assurance engagement conducted in
accordance with the above standard will always detect any existing material non-compliance with the ESEF
Regulation.
Our selected procedures included:
•obtaining an understanding of the requirements of the ESEF Regulation;
•obtaining an understanding of the Company’s internal control relevant to the application of the ESEF
Regulation;
•identifying and assessing the risks of material non-compliance with the ESEF Regulation, whether due
to fraud or error; and
•based on the above, designing and performing procedures to respond to the assessed risks and to
obtain reasonable assurance for the purpose of expressing our conclusion.
The objective of our procedures was to evaluate whether the financial statements included in the annual
report were prepared in the applicable XHTML format.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Conclusion
In our opinion, the Company’s financial statements for the year ended 31 December 2023 included in the
annual report are, in all material respects, in compliance with the ESEF Regulation.
Statutory Auditor Responsible for the Engagement
Jindřich Vašina is the statutory auditor responsible for the audit of the financial statements of Česká exportní
banka, a.s. as at 31 December 2023, based on which this independent auditor’s report has been prepared.
Prague
26 March 2024
KPMG Česká republika Audit, s.r.o.
Registration number 71
Signed by
Jindřich Vašina
Partner
Registration number 2059
0Contents
Introduction by the Chairman of the Board of Directors 3
Auditor's opinion 5
Key indicators 13
1 Profile of Česká exportní banka, a.s. 15
1.1 History and Development of Česká exportní banka, a.s. 15
1.2 The issuer’s registered oce and legal status,
legal regulations governing the issuer’s activities 16
1.3 Disclosed documents 17
1.4 Information on environmental, social, and corporate governance,
employment relations and other information about Česká exportní banka, a.s. 18
1.4.1 General aspects and international regulation 18
1.4.2 Environmental, social, and corporate governance (ESG) 18
1.4.3 Employment relations 19
1.4.4 Other 20
1.5 Administrative, management and supervisory bodies of CEB and their commiees 20
1.6 Organisational scheme of Česká exportní banka, a.s. 26
1.7 Declaration of no conflicts of interest 26
2 Annual report 29
2.1 Business activities of Česká exportní banky, a.s. 29
2.1.1 Export financing 29
2.1.2 Development in the credit portfolio balance and structure 35
2.1.3 Newly introduced products and activities 37
2.2 Financial results, balance of assets and liabilities 39
2.3 Strategic targets of Česká exportní banka, a.s. in the business and financial area 43
2.4 Risks to which the Bank is exposed, objectives and methods of risk management 44
2.4.1 Credit risk 45
2.4.2 Market risk 46
2.4.3 Refinancing risk 46
2.4.4 Liquidity risk 47
2.4.5 Operational risk 47
2.4.6 Capital adequacy and capital requirements 47
2.4.7 Risk factors potentially aecting the capacity of the Bank to meet its
obligations to investors arising from securities 48
2.5 Corporate governance report 48
2.5.1 Information on codes 48
2.5.2 Shareholder rights 50
2.5.3 Internal control system 50
2.5.4 Description of the decision procedures of the Bank's bodies and commiees 50
2.5.5 Remuneration of persons with managing powers 53
2.5.6 Authorised auditors 56
2.5.7 Court and arbitration proceedings 56
2.5.8 Contracts of significance 56
2.6 Provision of information pursuant to Act No. 106/1999 Coll., on Free Access to Information 56
3 Financial statements 59
4 Report on relations 123
4.1
Structure of relations between the Controlling Entities and the Controlled Entity and relations
Between the Controlled Entity and entities controlled by the same Controlling Entity 123
4.2 Role of the Controlled Entity 123
4.3 Method and means of control 123
4.4 List of acts undertaken in the reporting period 124
4.5 List of mutual contracts between the Controlled Entity and the Controlling Entity
or between the Controlled Entities (Exportní garanční a pojišťovací společnost, a.s.) 124
4.6 Advantages and disadvantages arising from relations between the Controlling Entities
and the Controlled Entity and between the Controlled Entity and entities controlled
by the same Controlling Entity 127
13
) Categories including the comparable period are disclosed in accordance with the definitions
of the Financial Reporting Standards (FINREP) and are also in compliance with IFRS.
) Ratios are published on a quarterly basis on the Bank’s web pages and are calculated according to the below definitions:
Return on average assets (ROAA)
Net profit for the reporting period divided by average total assets.
Average total assets: sum total of monthly amounts of total assets at year-end X- to year-end X divided by .
Return on average equity (ROAE)
Net profit for the reporting period divided by average Tier capital.
Average Tier capital: sum total of monthly amounts of Tier capital at year-end X- to year-end X divided by .
Total capital ratio
Capital at year-end divided by total risk exposures at year-end.
Assets per employee
Total assets for the reporting period divided by average headcount.
Administrative expenses per employee
Administrative expenses for the reporting period divided by average headcount.
Net profit per employee
Net profit for the reporting period divided by average headcount.
Key indicators
01
unit
Financial results )
Net interest income CZK million
Net fee and commission income CZK million
Operating income CZK million ()
Impairment of assets CZK million
Total operating costs CZK million () ()
Income tax CZK million ()
Net profit CZK million
Balance sheet
Total assets CZK million
Receivables from parties other than credit institutions at amortised cost CZK million
Receivables from credit institutions at amortised cost CZK million
Total financial liabilities to other customers at amortised cost CZK million
Total financial liabilities to credit institutions at amortised cost CZK million
Financial liabilities from issued bonds CZK million
Total equity CZK million
Ratios )
Return on average assets (ROAA) , ,
Return on average equity (ROAE) , ,
Total capital ratio , ,
Assets per employee CZK million , ,
Administrative expenses per employee CZK million (,) (,)
Net profit per employee CZK million , ,
Other information
Average headcount employees
Headcount (as at December) employees
Guarantees issued CZK million
Loan commitments CZK million
Rating – long-term payables
Standard & Poor’ s -AA- AA-
14
Profile of
Česká exportní banka, a.s.
01
15 1 Profile of Česká exportní banka, a.s.
1 Profile of Česká exportní banka, a.s.
1 The banking licence replaced the permit issued by the Czech National Bank to Česká exportní banka, a.s., based on which CEB was
allowed to operate as a bank; the permit was issued on 6 February 1995 and changes to it were made on 27 June 1996.
2 Act No. 256/2004 Coll., on Capital Market Undertakings
1.1 History and Development of Česká exportní banka, a.s.
Česká exportní banka, a.s. (“CEB”) is recorded in the Commercial Register maintained by the Municipal
Court in Prague, file No. B 3042. Its primary objective is to support Czech exports and export-oriented
companies as stipulated by Act No. 58/1995 Coll., on Insurance and Financing of Exports with State
Support, as amended. The nature of the support has developed since 1995 from the provision of basic
concessional financing to today’s comprehensive services of supported financing. CEB’s export support
is implemented through banking services and transactions within the scope of the banking licence.
Based on a banking licence1 issued by the Czech National Bank under Ref. No. 2003/3966/520 dated
19. September 2003, amended by the decision of the Czech National Bank under Ref. No. 2003/4067/520
dated 30 September 2003, under Ref. No. 2005/3982/530 dated 16 December 2005, under Ref. No.
2011/141/570 dated 6 January 2011 and under Ref. No. 2013/6197/570 dated 27 May 2013, the principal
business activities of CEB are defined as follows:
i. Pursuant to Section 1 (1) of Act No. 21/1992 Coll., on Banks
a) Acceptance of deposits made by general public
b) Provision of loans.
ii. Pursuant to Pursuant to Section 1 (3) of Act No. 21/1992 Coll., on Banks
a) Investing in securities on the Bank’s own account, in the following scope:
• Investing in negotiable securities issued by the Czech Republic, the Czech National Bank and
foreign governments
• Investing in foreign bonds and mortgage bonds
•
Investing in securities issued by legal entities with registered oces in the territory of the
Czech Republic.
c) Payment systems and clearing
e) Provision of guarantees
f) Opening of leers of credit
g) Collection services
h) Investment services under special regulation2 comprising:
• Major investment services
— Pursuant to Section 4 (2) (a) of the Act on Capital Market Undertakings – receiving and
giving instructions on investment instruments, specifically investment instruments pursuant
to Section 3 (1) (d) of this Act
—
Pursuant to Section 4 (2) (b) of the Act on Capital Market Undertakings – implementation
of instructions related to investment instruments on the account of clients, specifically
investment instruments pursuant to Section 3 (1) (d) of this Act
—
Pursuant to Section 4 (2) (a) of the Act on Capital Market Undertakings – trading of
investment instruments, on the Bank’s account, specifically investment instruments
pursuant to Section 3 (1) (a) of this Act, with the exception of shares and other securities
representing an equity investment in a company or another legal entity, specifically
investment instruments pursuant to Section 3 (1) (c) and (d) of the Act on Capital Market
Undertakings
—
Pursuant to Section 4 (2) (e) of the Act on Capital Market Undertakings – investment
advisory on investment instruments, specifically instruments pursuant to Section 3 (1) (d)
of this Act.
16 1 Profile of Česká exportní banka, a.s.
• Additional investment services
— Pursuant to Section 4 (3) (a) of the Act on Capital Market Undertakings – escrow and
administration of investment instruments including the relating services, specifically
investment instruments pursuant to Section 3 (1) (a), (c) and (d) of this Act
— Pursuant to Section 4 (3) (c) of the Act on Capital Market Undertakings – advisory on
the capital structure, industrial strategies and related issues, advisory and services on
company transformations and company transfers.
l) Provision of banking information
m) Trading on the Bank’s own account or on the client’s account in foreign currencies that are not
investment instruments and in gold to the extent of the following:
• Trading on the Bank’s own account in foreign bonds
• Trading on the Bank’s own account in funds denominated in foreign currencies
• Trading on the Bank’s own account or on its clients’ account in negotiable securities issued
by foreign governments
•
Trading on the Bank’s own account or on its clients’ account in monetary rights and obligations
derived from the above-mentioned foreign currencies
• Trading on its clients’ account in funds denominated in foreign currencies; and
p) Activities directly related to the activities mentioned in Česká exportní banka, a.s.’s banking licence.
Summary of activities the performance or provision of which was limited or eliminated by the Czech
National Bank during 2023: No activities have been limited or eliminated.
1.2 The issuer’s registered oce and legal status, legal regulations
governing the issuer’s activities
Registered oce: Praha 1, Vodičkova 701/34, post code 111 21
Legal form: joint stock company
Corporate ID: 63078333
Telephone: +420222841100
Fax: +420224211266
E-mail: ceb@ceb.cz
internet: www.ceb.cz
The principal EU and Czech legal regulations under which CEB performed its activities in 2023:
Act No. 110/2019 Coll. on Personal Data Protection;
Act No. 250/2016 Coll. on Liability for Administrative Oences and Related Procedures;
Act No. 370/2017 Coll. on System of Payments;
Act No. 21/1992 Coll. on Banks;
Act No. 280/2009 Coll. on the Tax Procedure Code;
Act No. 190/2004 Coll. on Bonds ;
Act No. 235/2004 Coll. on Value Added Tax;
Act No. 253/2008 Coll. on Certain Measures against Money Laundering and Terrorism Financing;
17 1 Profile of Česká exportní banka, a.s.
Act No. 69/2006 Coll. on the Implementation of International Sanctions;
Act No. 256/2004 Coll. on Capital Market Undertakings;
Act No.499/2004 Coll. on Archiving and Record Management;
Act No. 563/1991 Coll. on Accounting;
Act No. 89/2012 Coll. Civil Code;
Act No. 90/2012 Coll. on Business Corporations and Cooperatives
(Act on Business Corporations);
Act No. 58/1995 Coll. on Insurance and Financing of Exports with State Support;
Act No. 229/2002 Coll. on the Financial Arbiter;
Act No. 586/1992 Coll. on Income Taxation;
Act No. 589/1992 Coll. on Social Security Contributions and Contributions
to the State Employment Policy;
Act No. 592/1992 Coll. on Public Health Insurance;
Act No. 93/2009 Coll. on Auditors;
Act No. 304/2013 Coll. on Public Registers of Legal Entities and Natural Persons;
Act No. 408/2010 Coll. on Financial Collateral;
Regulation (EU) No. 2016/679 General Data Protection Regulation (GDPR) Regulation (EU)
No. 596/2014 on Market Abuse;
Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms
and related implementing regulations of the European Commission;
Regulation (EU) No. 648/2012 on OTC derivatives, central counterparties and trade repositories
(EMIR); and
Regulation (EU) No. 1233/2011 of the European Parliament and of the Council on the application
of certain guidelines in the field of ocially supported export credits.
These regulations represent the primary legislative framework for CEB’s activities. In addition to the
aforementioned regulations, CEB’s activities have to comply with various other decrees, government
regulations or implementing regulations, guidelines and other documents issued by EU bodies.
1.3 Disclosed documents
CEB’s Articles of Association in Czech are publicly available, and the hard-copy version thereof can be
inspected in the Bank’s registered oce. The electronic version of the Bank’s Articles of Association in
Czech is publicly available in the Collection of Deeds of the Commercial Register file No. B 3042/SL 186/
MSPH of the Municipal Court in Prague.
On the website of the Commercial Register and Collection of Deeds, the updated version of CEB’s Articles
of Association is available under the following address: hps://or.justice.cz/.
In addition, CEB’s website (www.ceb.cz) makes publicly available all documents and information on its
activities, through which it meets its informational obligation arising from the relevant legal regulations
that the Bank is to follow in performing its business.
18 1 Profile of Česká exportní banka, a.s.
1.4 Information on environmental, social, and corporate
governance, employment relations and other information
about Česká exportní banka, a.s.
1.4.1 General aspects and international regulation
CEB is not a member of any group and has no organisational branch abroad.
Act No. 58/1995 Coll., on Insurance and Financing of Exports with State Support, authorised the Bank to
finance exports with state support in line with international rules of public support applied in financing
state-supported export loans with a maturity period of at least two years (predominantly with the OECD
Consensus and WTO).
Under Section 8 (1) (c) of Act No. 58/1995 Coll., on Insurance and Financing of Exports with State Support,
the state is held liable for the obligations of CEB arising from payments of funds received by CEB and for
obligations arising from other CEB’s operations on the financial markets.
No specific event that could have a material impact on the evaluation of CEB’s solvency has occurred
since the last publication of the Annual Report of CEB as an issuer of securities.
When providing export loans with a maturity period of at least two years, CEB complies with the procedures
set out in OECD Council Recommendation on Common Approaches for Ocially Supported Export Credits
and Environmental and Social Due Diligence (2016) providing guidance on the application of some rules
in state-supported export credits. In accordance with these rules, CEB requires all financed projects
to be assessed by an independent external expert, an ESIA opinion (Environmental and Social Impact
Assessment) to be prepared and the relevant conditions resulting from this opinion, if any, to be included
into the contractual documentation concluded with the client.
CEB continues to fully respect the obligations arising for the Czech Republic from the OECD guidelines
to combat bribery of foreign public ocials in international business transactions, specifically the “OECD
Council Recommendation on Bribery and Ocially Supported Export Credits” (2019). CEB uses this
document as its primary basis when formulating requirements for exporters and evaluating compliance
with the conditions of fight against corruption in specific export transactions.
1.4.2 Environmental, social, and corporate governance (ESG)
CEB has the potential to positively influence environmental, social, and corporate governance (ESG) in
two ways:
1) first by deciding to whom it will provide financing and for what projects; and
2) second by the way it manages its business, how it deals with its clients, employees, and other stakeholders.
From risk analyses and the existing approach, a new ESG framework strategy for CEB has emerged,
comprising both a general and risk management strategy. The general strategy, approved by the general
meeting, obliges CEB to:
1) meet the ESG concept in its own operational activities;
2) emphasise in its business strategy companies gradually implementing the sustainability concept
or responsible behaviour in relation to ESG in their activities, including decarbonisation, greening and
reduction of energy intensity (i.e., support ESG transition). A definition of ESG risk and the basic manner
of managing it has been added to the risk management strategy.
19 1 Profile of Česká exportní banka, a.s.
To beer assess the environmental impacts of CEB's operations and where improvements could be made,
an independent company, CI3, s.r.o., was asked to calculate CEB's carbon footprint. All direct emission
sources were included in the calculation in accordance with the GHG Protocol, namely natural gas, fuel,
refrigerants (Scope 1), and indirect emissions from consumption of electrical energy (Scope 2). In addition,
selected items from Scope 3 were included. The calculation of full Scope 3, i.e., on CEB's client portfolio,
will only be possible in the coming years once the relevant input data has been obtained.
Further, targets until 2030 have been set in all three ESG areas, specifically aiming at carbon footprint
reduction, a responsible approach to employees, aracting talent, engaging with volunteering activities
and the eective use of membership in ESG- and sustainability-related associations. The set internal
ESG targets are also reflected in the approved CEB Strategy for the period from 2024 to 2026, which
incorporates them into the updated section on human resource management.
Non-financial reporting obligations arising from European regulations, in particular the Corporate
Sustainability Reporting Directive (CSRD) and the regulation on prudential requirements for credit
institutions (CRR), which CEB is preparing to comply with, were also analysed in detail.
In relation to clients, the client approach to ESG issues has also been added to the approval procedure for
new business cases. On a voluntary basis, CEB has joined parts of the "Synesgy" initiative created by an
external company to collect ESG information from clients so that it is uniform, comparable, and provided
only once for all participating banks.
Beyond the above, CEB's further strategy to implement ESG targets in 2024 will comprise:
•
collaboration with Exportní garanční a pojištovací společnost, a.s. (“EGAP”) to organise joint ESG
events and activities leading to energy savings at the headquarters of both companies – reducing the
carbon footprint;
• further analyses and implementation of regulatory and reporting requirements;
• more detailed seings for assessing the risk profile of clients from an ESG perspective;
• the progressive implementation of activities leading to the fulfilment of defined objectives, especially
in the field of human resource management;
• publishing more information on CEB's approach to ESG issues.
The Supervisory Board and the Audit Commiee of CEB were informed in detail about all CEB ESG
activities implemented in 2023 and planned for 2024 and beyond.
1.4.3 Employment relations
CEB’s employment relations are concluded in line with Act No. 262/2006 Coll., the Labour Code, as
amended. They include employment contracts, agreements to complete a job and agreements to perform
work.
Members of the Board of Directors, the Supervisory Board and the Audit Commiee perform their functions
based on contracts on holding the oce concluded in line with Section 59 et seq. of Act No. 90/2012
Coll., on Business Corporations and Cooperatives (Act on Business Corporations). CEB’s regulations
specify further provisions on specific areas concerning employment relations and executive functions in
its internal policies (statutory standards, guidelines, internal policies, codes, strategies). These include in
particular the following internal policies: CEB’s Articles of Association, Work Rules, Employee’s Code of
Ethics, Organisation Code, Occupational Health and Safety and Fire Protection, Remuneration and Work
Performance Management, Business Trips and Travel Compensation, Hiring and Selecting Employees,
Employee Education Process, Principles of Remuneration of Members of Corporate Bodies, Summary
Principles of Remuneration of CEB Employees (‘Risk Takers’), Human Resource Management Principles.
20 1 Profile of Česká exportní banka, a.s.
1.4.4 Other
CEB does not make any research and development investments on its own account. As part of the
permied version of the Loan to Finance Export Manufacturing product, CEB oers Czech manufacturers
the option of financing the implementation of new results of research and development into production,
i.e., commercialisation of tangible results of research and development in connection with exports. In
2023, this version of the Loan to Finance Export Manufacturing product was not provided. Historically,
CEB records three loans provided under this version of the product in the aggregate nominal value of
the principal of CZK 1,088 million.
In compliance with Section 41 (a) of Act No. 21/1992 Coll., on Banks, CEB contributes to the system of
insurance of receivables from deposits and contributes to the Deposit Insurance Fund in the scope defined
by law. The contributions to the system amounted to CZK 16,615 in 2023.
CEB, as a securities trader, is obliged to contribute to the Deposit Guarantee Fund of the Securities Traders
in compliance with Act No. 265/2004 Coll., on Capital Market Undertakings. In compliance with Section
129 (2) of the Act, the contribution of CEB amounted to CZK 10,000 in 2023.
Since 2016, CEB has been obliged to contribute to the Crisis Resolution Fund in compliance with the relevant
provisions of the Act on Recovery and Resolution in the Financial Market (predominantly Sections 209
and 214). The contribution for 2023 as stipulated by the Czech National Bank amounted to CZK 8,177,897.
1.5 Administrative, management and supervisory bodies of CEB
and their commiees
General Meeting – the supreme body of CEB that decides by the majority of present shareholders on the
issues that are entrusted to its authority by Act No. 90/2012 Coll., and the Bank’s Articles of Association.
Supervisory Board – supervises the performance of the Board of Directors’ activities and the performance
of CEBs business activities and presents its opinions to the General Meeting.
Supervisory Board as at 31 December 2023
Chairman
Ing. Petr Knapp Substitute member and Chairman
from 18 November 2021 to 21 December 2021,
Member and Chairman since 21 December 2021
Vice-Chairman
prof. PhDr. Petr Teplý, Ph.D Member from 23 June 2014 to 23 June 2019,
re-elected as member since 24 June 2019,
Vice-Chairman since 24 August 2021
Members
Ing. Miroslav Zámečník Member from 24 April 2017 to 24 April 2022,
Substitute member from 24 November 2022
to 22 December 2022,
Member since 22 December 2022
Ing. Ivan Duda Member since 24 June 2021
Ing. Dušan Hradil Member since 1 August 2021
21 1 Profile of Česká exportní banka, a.s.
Board of Directors – the Bank’s statutory body, manages the operations of the Bank, acts on its behalf,
ensures the business management including accounting, and takes decisions related to all bank issues
unless otherwise stipulated by law or by Articles of Association defined as competences of the General
Meeting or the Supervisory Board. The Board of Directors makes decisions that may be subject to the
Supervisory Board’s additional approval in accordance with the Bank’s Articles of Association.
Board of Directors as at 31 December 2023
Chairman
Ing. Daniel Krumpolc
Chairman of the Board of Directors/Chief
Executive Ocer in charge of the Export
Financing Division
Member, Chairman and Chief Executive Ocer
from 1 March 2022
Vice-Chairman
Ing. Emil Holan
Vice-Chairman of the Board of Directors
in charge of the Risk Management Division
Member from 1 August 2018 to 1 August 2023,
Vice-Chairman from 2 July 2020 to 1 August 2023,
Substitute member and Vice-Chairman since
2 August 2023,
Member and Vice-Chairman since
31 October 2023
Members
Ing. Jiří Schneller
Member of the Board of Directors,
in charge of the Finance and Operations Division
/position vacant from 11 March 2023
to 31 May 2023/
Member from 21 December 2020 to 10 March 2023
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Substitute member from 1 June 2023
to 31 October 2023,
Member since 31 October 2023
Nomination Commiee – an advisory commiee of the CEB Supervisory Board established by a decision
of the Board of Directors dated 8 June 2022 with eect from 9 June 2022. The status of the Nomination
Commiee is regulated by the Rules of Procedure of the Nomination Commiee – SN 21.
Chairman
Ing. Petr Knapp Chairman since 9 June 2022
Members
Prof. PhDr. Petr Teplý, Ph.D. Member since 23 June 2022
Ing. Ivan Duda Member since 23 June 2022
Mgr. Veronika Peřinová Member since 7 July 2022
Ing. Daniel Krumpolc Member since 9 June 2022
Mgr. Ondřej Zemina Member since 9 June 2022
22 1 Profile of Česká exportní banka, a.s.
Audit Commiee– set up by a decision of the General Meeting of Česká exportní banka, a.s., held on
10 December 2009 and eective as of 4 January 2010. The Audit Commiee focuses mostly on the
process of preparing the Bank’s financial statements, evaluates the eectiveness of the internal controls
of the Bank, the internal audit and/or risk management systems. It monitors the procedure of obligatory
audit of the financial statements and recommends the statutory auditor.
Audit Commiee as at 31 December 2023
Chairman
Ing. Petr Kříž, FCCA Member since 22 December 2022,
Chairman since 21 February 2023
Other Decision-Making Bodies of CEB
Within the scope of its activities, the Board of Directors set up the following decision-making bodies:
Credit Commiee– a permanent decision-making and advisory body of the Board of Directors for deciding
on and evaluating all issues related to selected transactions and credit risk management, and the advisory
body of the leading employees of CEB. The Credit Commiee is part of the management and control
system of the Bank. Since 1 July 2018, this decision-making body has assumed certain competencies of
the Board of Directors, such as negotiating and approving business cases.
The composition of the Credit Commiee in 2023 was as follows:
Chairman
Ing. Emil Holan
Vice-Chairman of the Board of Directors in charge
of the Risk Management Division
Vice-Chairman
Ing. Daniel Krumpolc
Chairman of the Board of Directors/Chief Executive Ocer
in charge of the Export Financing Division
Members
Ing. Jiří Schneller
Member of the Board of Directors,
in charge of the Finance and Operations Division
/position vacant since 1 June 2023/
Until 10 March 2023
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Since 1 June 2023
Members
Ing. Radovan Odstrčil Member since 29 April 2020
Ing. Stanislav Staněk
Member from 29 April 2019 to 29 April 2023
re-elected on 30 April 2023
23 1 Profile of Česká exportní banka, a.s.
Assets and Liabilities Management Commiee (ALCO) – permanent decision-making and advisory
body of the Board of Directors for deciding on and evaluating all issues related to the management of
assets and liabilities, minimisation of market risks related to banking transactions and operations of Česká
exportní banka, a.s. on financial markets, and as an advisory body for CEB's managers. ALCO is a part of
the management and control system of CEB.
The composition of ALCO in 2023 was as follows:
Chairman
Ing. Daniel Krumpolc
Chairman of the Board of Directors/Chief Executive
Ocer in charge of the Export Financing Division
Vice-Chairman
Ing. Emil Holan
Vice-Chairman of the Board of Directors
in charge of the Risk Management Division
Members
Ing. Jiří Schneller
Member of the Board of Directors,
in charge of the Finance and Operations Division
/position vacant since 1 June 2023/
Until 10 March 2023
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Since 1 June 2023
Ing. Miloš Welser
Senior Manager of Export Financing Development and Strategy
Ing. David Franta, MBA
Director of Treasury
Members on behalf of Risk Management Division
PhDr. Václav Fišer
Director of the Credit Risk Management and Loan Analysis Section since 30 September 2023
Risk Manager Senior
Ing. Jiří Jeřábek
Risk Manager Senior
Members on behalf of Export Financing
Ing. Miloš Welser
Senior Manager of Export Financing Development and Strategy
Ing. Miroslav Stříbrný
Director of the Export Financing Division
continued on next page
24 1 Profile of Česká exportní banka, a.s.
The Information Technologies Development Commiee (ITDC)– permanent decision-making and
advisory body of the Board of Directors of CEB dealing with issues in relation to ICT management. ITDC
is part of the management and control system of the Bank.
The composition of ITDC in 2023 was as follows:
Chairman
Ing. Jiří Schneller
Member of the Board of Directors,
in charge of the Finance and Operations Division
/position vacant since 1 June 2023/
Until 10 March 2023
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Since 1 June 2023
Vice-Chairman
Ing. Emil Holan
Vice-Chairman of the Board of Directors
in charge of the Risk Management Division
Members
Ing. Jan Bukovský
ICT Security Inspector
Ing. Hana Vondráčková
Credit Methodologist
Ing. Petr Jindrák
Director of the Banking IS Development Section
Ing. Dagmar Zelisková
Statistics Analyst
Bc. Miloslav Svoboda
Director of the Banking IS Operations Section
Members
Ing. Roman Somol, MBA
Head of the Enterprise Risk Management department
Ing. František Jakub, Ph.D.
Director of the Finance and Accounting Section
25 1 Profile of Česká exportní banka, a.s.
Operational Risk Management Commiee (ORCO)– The Operational Risk Management Commiee
is a permanent decision-making and advisory body of the Board of Directors for all decision-making
procedures and assessment of operational risks and an advisory body of Česká exportní banka, a.s.'s
managers. ORCO is part of the management and control system of CEB.
The composition of ORCO in 2023 was as follows:
Chairman
Ing. Emil Holan
Vice-Chairman of the Board of Directors
in charge of the Risk Management Division
Vice-Chairman
Ing. Jiří Schneller
Member of the Board of Directors,
in charge of the Finance and Operations Division
/position vacant since 1 June 2023/
Until 10 March 2023
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Since 1 June 2023
Members
Ing. Roman Somol, MBA
Head of the Enterprise Risk Management department
Ing. Miloš Welser
Senior Manager of Export Financing Development and Strategy
Ing. František Jakub, Ph.D.
Director of the Finance and Accounting Section
Mgr. Ondřej Zemina
Head of the Compliance department
Bc. Miloslav Svoboda
Director of the Banking IS Operations section
26 1 Profile of Česká exportní banka, a.s.
1.6 Organisational scheme of Česká exportní banka, a.s.
1.7 Declaration of conflicts of interest
The members of the Bank’s bodies, commiees and councils declare that:
(a) They have not abused their position in the Bank or the information that they had in place to gain
profit that could not otherwise have been gained, either for themselves or for other persons;
(b) They have not concluded any transactions using the investment instruments of the Bank’s clients
on their own account or on the account of a person closely related to them;
(c) They have not provided instructions or recommendations to other persons related to the transactions
with investment instruments of the Bank’s clients that could be used by the persons in trading
with the investment instruments on their own account; and
(d) They have avoided all activities that may potentially expose them to a conflict of interest.
Úsek Odbor Oddělení
Provoz bankovních
informačních systémů (4020)
Bezpečnost ICT (4003)
Vnitřní správa (4021)
Vnitřní audit (0400)
Úsek řízení rizik (2000)
Náměstek generálního ředitele
Řízení bankovních rizik (2010)
Restrukturalizace a vymáhání
pohledávek (1020)
Platební styk (4002)
Účetnictví (4042)
Úsek exportního financování (3000)
Ředitel úseku
Exportní financování (3010)
Trade Finance (3050)
Řízení lidských
zdrojů (0120)
Kancelář (0101) Strategie
a komunikace (0130)
Úsek GŘ (0100)
Generální ředitel
Treasury (0160)
Finance (4041)
Právní odbor (0140)
Správa obchodů (4030)
Finance a účetnictví (4040)
Rozvoj bankovních
informačních systémů (4010)
Řízení úvěrového rizika
a úvěrové analýzy (2020)
Úsek financí a provozu (4000)
Náměstek generálního ředitele
Výbor pro auditDozorčí rada
Představenstvo
Compliance (0500)
Organizační struktura České exportní banky, a.s. k 31. 12. 2023
Audit Commiee
Board of Directors
Supervisory Board
CEO Division (0100)
Chairman of the Board
Risk Management (2000)
Member of the Board Sales and Export Financing (3000)
Division Director Finance and Operations (4000)
Member of the Board
Internal Audit (0400)
Corporate Secretary (0101) Human Resources (0120) Strategy and
Communication (0130) Treasury (0160)
Compliance (0500)
Enterprise Risk Management
(2010)
Payment (4002)
Finance (4041)
Accounting (4042)
Facility (4021)
ICT Security (4003)
Credit Risk Management
(2020)
Restructuring and Debt
Recovery (1020)
Business Adminstration
(4030)
Export Financing (3010) Finance and Accounting
(4040) Legal (0140)
Banking IS Development
(4010)
Banking IS Operations
(4020)
Trade Finance (3050)
Organizational structure of Česká exportní banka, a.s., valid from 31 December 2023
Division Section Department
27
Annual report
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