ČESKÁ EXPORTNÍ BANKA
ANNUAL FINANCIAL REPORT
2024
24
24=
significant support to strategic segments
of the economy
increase in the annual volume of provided supported
financing products by 10% to CZK 7.565 billion
the most successful year for business
in the last 10 years
profit before tax of
CZK 936 million
successful cooperation
with the commercial banking sector
3
Introduction by the Chairman of the
Board of Directors
Dear shareholders, dear business partners,
2024 was a successful year for Česká exportní banka, a.s. (CEB, the Bank)
despite the many challenges it brought to the global, European, and Czech
economy. In line with the economic and export strategy of the Czech Republic,
CEB managed to support the increase in added value of export-oriented sectors
of the economy and to promote the international competitiveness of Czech
exports and the international expansion of Czech investors in foreign markets.
In 2024, CEB succeeded in meeting its strategic objectives. The Bank's business
activities emphasised the support of export-oriented companies, not only in
the traditional segments of engineering, defence and security, or transport,
but also in other growth segments of the high-added-value economy, such as
information and communication technologies. Last year, CEB provided a total
of CZK 7.565 billion in financing products to support Czech export-oriented
companies and Czech investors expanding abroad, which represents growth
by 10% compared to 2023. In terms of financial volume of signed contracts,
this has been the best result since 2015. The Bank's responsible approach to
operating costs and favourable market factors were also reflected in improved
profitability indicators and a profit before tax exceeding CZK 900 million.
An important aspect in meeting the needs of Czech export-oriented companies
continues to be the close cooperation between CEB and the commercial banking
sector, especially in the club and syndicated financing area, and the deepening
cooperation with the National Development Bank of the Czech republic (NDB)
as part of the ongoing integration process aimed at creating a capital-intensive
banking group to support SMEs, exports, and the financing of infrastructure
projects.
Following the amendment to Act No. 58/1995 Coll., on Insurance and Financing
of Exports with State Support, which came into force at the end of 2022 and
enabled CEB to introduce completely new products aimed at supporting Czech
export-oriented companies, another groundbreaking amendment to Act No.
58/1995 Coll. successfully passed through the legislative process in 2024
and will enable CEB to finance domestic supplies of Czech companies to their
foreign customers operating in the Czech Republic. Expanding the definition
of exports will thus strengthen the ability of Czech companies to participate
in the supply of strategic projects in the field of nuclear energy, defence and
security, and new technologies during 2025. CEB's product oer is now similar
to that of foreign export banks and agencies that support exports in competing
economies.
Dear shareholders, dear business partners, I would like to thank you for your
cooperation in 2024. 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
to transform CEB into a modern and dynamic financial institution.
Ing. Daniel Krumpolc
Chairman of the Board of Directors and CEO
4
KPMG Česká republika Audit, s.r.o., a Czech limited liability company and a member firm of
t
he 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 20 March 2025 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 2024, 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 2024/balance sheet date, 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.
5
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 and provisions for commitments and
g
uarantees
As at 31 December 2024, gross loans and advances to customers amount to CZK 18,468 million and
related impairment allowance amounts to CZK 282 million; loan commitments provided to customers
amount to CZK 4,914 million and related impairment provision amounts to CZK 68 million, financial
guarantees provided to customers amount to CZK 1 115 million and related impairment provision
amounts to CZK 19 million (as at 31 December 2023, loans and advances to customers amount to CZK
19,459 million and related impairment allowance amounts to CZK 243 million; loan commitments
provided to customers amount to CZK 2,843 million and related impairment provision amounts to CZK
42 million financial guarantees provided to customers amount to CZK 2,418 million and related
impairment provision amounts to CZK 52 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 (“Loans”), loan commitment provided to customers (“Commitments”) and financial guarantees
issued („Guarantees“); together “exposures”.
For the purposes of estimating the Expected Credit Losses, the Loans, Commitments 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, Commitments 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, Commitments 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 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.
6
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, Commitements 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 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:
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, Commitements 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 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 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
8
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 4 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 19 March 2025 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.
In addition to the statutory audit, the following services were provided by us to the Company that have
not been disclosed in annual report.
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:
9
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 2024 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 2024, based on which this independent auditor’s report has been
prepared.
Prague
20 March 2025
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
Auditor's report
Key performance indicators
1 Profile of Česká exportní banka, a.s.
1.1 History and development of Česká exportní banka, a.s.
1.2
The issuer’s registered oce and legal status,
legal regulations governing the issuer’s activities
1.3 Disclosed documents
1.4 Information on environmental activities, employment relations
and other information about Česká exportní banka, a.s.
1.4.1 General aspects and international regulation
1.4.2 Environmental, social, and corporate governance (ESG)
1.4.3 Employment relations
1.4.4 Other
1.5 Administrative, management and supervisory bodies of CEB and their commiees
1.6 Organisational scheme of Česká exportní banka, a.s.
1.7 Declaration of no conflict of interest
2 Annual report
2.1 Business activities of Česká exportní banka, a.s.
2.1.1 Export financing
2.1.2 Development in the credit portfolio balance and structure
2.1.3 Newly introduced products and activities
2.2 Financial results, balance of assets and liabilities
2.3 Strategic targets of Česká exportní banka, a.s. in the business and financial area
2.4 Risks to which the Bank is exposed, objectives and methods of risk management
2.4.1 Credit risk
2.4.2 Market risk
2.4.3 Refinancing risk
2.4.4 Liquidity risk
2.4.5 Operational risk
2.4.6 Capital adequacy and capital requirements
2.4.7 Risk factors potentially aecting the capacity of the Bank to meet its obligations
from securities to investors
2.5 Corporate governance report
2.5.1 Information on codes
2.5.2 Shareholder rights
2.5.3 Internal control system
2.5.4 Description of the decision procedures of the Bank's bodies and commiees
2.5.5 Remuneration of persons with managing powers
2.5.6 Authorised auditors
2.5.7 Court and arbitration proceedings
2.5.8 Significant contracts of Česká exportní banka, a.s., as issuer of securities
2.6 Provision of information pursuant to Act No. 106/1999 Coll.,
on Free Access to Information
3 Financial statements
4 Report on relations
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
4.2 Role of the controlled entity
4.3 Method and means of control
4.4 List of acts taken in the reporting period
4.5 List of mutual contracts between the controlled entity and the controlling entity
or between entities controlled by the same controlling entity without specifying
the contracts subject to bank secret
4.6 Advantages and disadvantages arising from relations between the controlled entities
and between the controlled entity and entities controlled by the same controlling entity
12
Key indicators
01
Unit
Financial results )
Net interest income CZK million , ,
Net fee and commission income CZK million
Operating income CZK million
Net gains on impaired assets CZK million
(Creation) / release of provisions CZK million
Total operating costs CZK million () ()
Income tax CZK million () ()
Net profit CZK million
Balance sheet
Total assets CZK million , ,
Receivables from other customers 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 and leers of credit issued CZK million , ,
Loan commitments CZK million , ,
Rating – long-term payables
Standard & Poor’s –AA AA
) 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.
13
Profile of
Česká exportní banka, a.s.
01
14 1 Profile of Česká exportní banka, a.s.
1 Profile of Česká exportní banka, a.s.
1.1 History and development of Česká exportní banka, a.s.
Česká exportní banka, a.s. ("CEB" or "the Bank"), recorded in the Commercial Register maintained by the
Municipal Court in Prague, file number B 3042, is a specialised banking institution supporting exports,
investments, and international competitiveness of Czech export-oriented companies. CEB is actively
involved in the transformation of the Czech economy into an economy built on innovation, added value, final
products, and environmental responsibility. With its products and services, CEB fills a gap in the market
and thus complements the oer of the commercial banking sector in specific segments and transactions.
Products and services provided to export-oriented companies, manufacturers, exporters, and investors
abroad are governed by the current wording of Act No. 58/1995 Coll., on Insurance and Financing of
Exports with State Support, and are implemented within the scope of the banking licence. Since 1995,
CEB’s oer has developed from the provision of basic concessional financing to today’s comprehensive
services of supported financing.
Based on a banking licence 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, and
• 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 regulation 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
—
In line with Section 4 (2) (c) 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, and
15 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
— In line with 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 2024:
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: +420 222 841 100
Fax: +420 224 211 266
E -mail: ceb@ceb.cz
Internet: www.ceb.cz
The principal EU and Czech legal regulations under which CEB performed its activities in 2024:
Act No. 563/1991 Coll., on Accounting
Act No. 21/1992 Coll., on Banks
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. 58/1995 Coll., on Insurance and Financing of Exports with State Support
16 1 Profile of Česká exportní banka, a.s.
Act No. 106/1999 Coll., on Free Access to Information
Act No. 229/2002 Coll., on the Financial Arbiter
Act No. 190/2004 Coll., on Bonds
Act No. 235/2004 Coll., on Value Added Tax
Act No. 256/2004 Coll., on Capital Market Undertakings
Act No.499/2004 Coll., on Archiving and Record Management
Act No. 69/2006 Coll., on Implementation of International Sanctions
Act No. 253/2008 Coll., on Certain Measures against Money Laundering and Terrorism
Financing
Act No. 93/2009 Coll., on Auditors
Act No. 280/2009 Coll., on the Tax Procedure Code
Act No. 408/2010 Coll., on Financial Collateral
Act No. 89/2012 Coll., Civil Code
Act No. 90/2012 Coll., on Business Corporations and Cooperatives (Act on Business
Corporations)
Act No. 304/2013 Coll., on Public Registers of Legal Entities and Natural Persons
Act No. 250/2016 Coll., on Liability for Administrative Oences and Related Procedures
Act No. 370/2017 Coll., on System of Payments
Act No. 110/2019 Coll., on Personal Data Protection
Regulation (EU) No. 2016/679, on the protection of natural persons with regard to the processing
of personal data and on the free movement of such data (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)
Regulation (EU) No. 1233/2011, on the application of certain guidelines in the field of ocially
supported export credits
Regulation (EU) No. 2022/2554, on digital operational resilience in the financial sector and related
implementing regulations (DORA)
Regulation (EU) No. 2022/255, on measures for a high common level of cybersecurity across the
Union (NIS 2).
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 218/
MSPH of the Municipal Court in Prague, hps://or.justice.cz/.
In addition, CEB’s website makes publicly available all documents and information on CEB’s activities,
through which it meets its informational obligation arising from the relevant legal regulations that the Bank
is to follow in performing its business.
17 1 Profile of Česká exportní banka, a.s.
1.4 Information on environmental, social, and corporate governan-
ce, 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 rules”).
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 governance (ESG)
CEB is actively involved in the transformation of the Czech economy into an economy built on innovation,
added value, final products, and environmental responsibility. In its operations, CEB impacts the environment,
social space, and sustainable governance (i.e. ESG) in two ways – 1) through its business activities and
2) through its management and approach to the environmental aspects of its operations and its behaviour
towards clients, employees, and other stakeholders.
In the past period, CEB has acted in accordance with the ESG framework strategy, which based on
a decision of the general meeting instructs the CEB to:
• adhere to the ESG concept in its operational activities, and
• emphasise in its business strategy companies gradually implementing sustainability or responsible
behaviour in relation to ESG in their activities, including decarbonisation, greening and reduction of
energy intensity (i.e. to support their ESG transition).
18 1 Profile of Česká exportní banka, a.s.
In accordance with the above, CEB has:
• added the definition of ESG risk and the basic method of its management to the Risk Management
Strategy
•
calculated its carbon footprint in accordance with the GHG Protocol in cooperation with the independent
company CI3, s.r.o
• set 2030 targets in all three ESG areas, specifically targeting carbon footprint reduction, responsible
approach to employees, talent acquisition, involvement in volunteer activities, and eective use of
membership in ESG and sustainability-related association
• analysed in detail 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.
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” global digital platform
for assessing ESG factors in supply chains, which aims to collect and manage information about the level
of sustainability of clients' businesses.
CEB informed the Supervisory Board and the Audit Commiee in detail about all implemented and planned
ESG activities.
In the coming period, CEB will primarily focus on:
•
further close cooperation with Exportní garanční a pojišťovací společnost, a.s. (as the owner of the
premises where CEB is located and operates) in looking for energy savings at the headquarters of both
companies and the reduction of the carbon footprint
• continuous analyses and implementation of regulatory and reporting requirements in the ESG area
• continuation of the strategic dialogue with CEB's key stakeholders leading to the anchoring of CEB's
strategic position and strategy within the ESG framework with regard to the Economic Strategy (2024)
and the Export Strategy of the Czech Republic (2023).
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 Resources Management Principles.
19 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 product “loan to finance export manufacturing”, 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 2024, this version of the product Loan to Finance Export Manufacturing 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 6,775 in 2024.
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 2024.
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 2024 as stipulated by the Czech National Bank amounted to CZK 5,235,529.
20 1 Profile of Česká exportní banka, a.s.
Members
Ing. Miroslav Zámečník Member since 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
prof. PhDr. Petr Teplý, Ph.D. Member since 23 June 2014 to 23 June 2019
re-elected from 24 June 2019
Vice-Chairman from 24 August 2021
to 24 June 2024
Substitute member from 19 September 2024
Member since 20 December 2024
1.5 Administrative, management and supervisory bodies of CEB
and their commiees
General Meeting – the supreme body of the Bank that decides by the majority of present shareholders in
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 the Bank’s business activities and presents its opinions to the General Meeting.
Supervisory Board as at 31 December 2024 (with changes that occurred during 2024)
Chairman
Ing. Petr Knapp Substitute member and Chairman since
18 November 2021, Member and Chairman since
21 December 2021
Vice-Chairman
Ing. Dušan Hradil Member since 1 August 2021
Vice-Chairman from 24 October 2024
21 1 Profile of Česká exportní banka, a.s.
Nomination Commiee – an advisory commiee of the 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.
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 2024
Chairman
Ing. Petr Knapp since 9 June 2022
Members
Ing. Miroslav Zámečník since 27 June 2024
Ing. Ivan Duda since 23 June 2022
Mgr. Veronika Peřinová since 7 July 2022
Ing. Daniel Krumpolc since 9 June 2022
Mgr. Ondřej Zemina since 9 June 2022
Prof. PhDr. Petr Teplý, Ph.D. since 23 June 2022 to 24 June 2024
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
since 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
to 30 September 2024
Ing. Petr Vohralík
Member of the Board of Directors in charge of the
Risk Management Division
Substitute member from 14 October 2024
Vice-Chairman from 22 October 2024
to 19 December 2024
Member since 20 December 2024
Vice-Chirmn position vcnt from 1 October 2024 to 21 October 2024 nd from 20 December 2024
Note: the position hs been filled since 28 Jnury 2025.
22 1 Profile of Česká exportní banka, a.s.
Members
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
/entrusted with the mngement of the Risk
Mngement Deprtment from 1 October 2024
to 13 October 2024/
Substitute member from 1 June 2023
to 31 October 2023
Member since 31 October 2023
Audit Commiee – set up by a decision of the General Meeting 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 2024
Chairman
Ing. Petr Kříž, FCCA Member since 22 December 2022
Chairman since 21 February 2023
Members
Ing. Radovan Odstrčil Member from 29 April 2020 April 2020
to 29 April 2024
Ing. Barbora Janíčková Member since 30 April 2024
Ing. Stanislav Staněk Member from 29 April 2019 to 29 April 2023
re-elected from 30 April 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 2024 was as follows:
Chairman of the Credit Commiee
Ing. Emil Holan
Vice-Chairman of the Board of Directors in charge
of the Risk Management Division
until 30 September 2024
continued on next pge
23 1 Profile of Česká exportní banka, a.s.
Chairman of the Credit Commiee
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
/entrusted with the mngement of the Risk
Mngement Deprtment from 1 October 2024
to 13 October 2024/
from 1 October 2024 to 13 October 2024
Ing. Petr Vohralík
Member of the Board of Directors in charge of the
Risk Management Division
since 14 October 2024
Vice-Chairman of the Credit Commiee
Ing. Daniel Krumpolc
Chairman of the Board of Directors/Chief Executive
Ocer in charge of the Export Financing Division
Member of the Credit Commiee
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Members on behalf of Risk Management Division
PhDr. Václav Fišer
Risk Manager Senior
Ing. Pavel Švejda
Director of the Credit Risk Management and Loan Analysis section
Members on behalf of Export Financing
Ing. Miloš Welser
Senior Manager of Export Financing Development and Strategy
Ing. Miroslav Stříbrný
Director of Sales and Export Financing Division
Chairman of ALCO
Ing. Daniel Krumpolc
Chairman of the Board of Directors/Chief Executive
Ocer in charge of the Export Financing Division
The Assets and Liabilities Management (ALCO) – Commiee operates as 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 CEB's banking transactions
and operations on financial markets, and as an advisory body for CEB's managers. ALCO is a part of the
management and control system of the Bank.
The composition of ALCO in 2024 was as follows:
24 1 Profile of Česká exportní banka, a.s.
Vice-Chairman of ALCO
Ing. Emil Holan
Vice-Chairman of the Board of Directors in charge
of the Risk Management Division
until 30 September 2024
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
/entrusted with the mngement of the Risk
Mngement Deprtment from 1 October 2024
to 13 October 2024/
from 1 October 2024 to 13 October 2024
Ing. Petr Vohralík
Member of the Board of Directors,
in charge of the Risk Management Division
since 14 October 2024
Members of ALCO
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Ing. Miloš Welser
Senior Manager of Export Financing Development and
Strategy
Ing. David Franta, MBA
Director of Treasury
Ing. Roman Somol, MBA
Head of the Enterprise Risk Management department
Ing. František Jakub, Ph.D.
Director of the Finance and Accounting Section
Vice-Chairman of ITDC
Ing. Emil Holan
Vice-Chairman of the Board of Directors in charge
of the Risk Management Division
until 30 September 2024
The Information Technologies Development Commiee (ITDC) – is a permanent decision-making and
advisory body of the Board of Directors of CEB, dealing with issues relating to ICT management, and an
advisory body of CEB's managers. ITDC is part of the management and control system of CEB.
The composition of ITDC in 2024 was as follows:
Chairman of ITDC
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
continued on next pge
25 1 Profile of Česká exportní banka, a.s.
Vice-Chairman of ITDC
Ing. Petr Vohralík
Member of the Board of Directors in charge of the
Risk Management Division
since 14 October 2024
/the position ws vcnt from October 2024 to 13 October 2024/
continued on next pge
Members of ITDC
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
Chairman of ORMC
Ing. Emil Holan
Vice-Chairman of the Board of Directors in charge
of the Risk Management Division
until 30 September 2024
Ing. Petr Vohralík
Member of the Board of Directors in charge of the
Risk Management Division
since 14 October 2024
/the position ws vcnt from 1 October 2024 to 13 October 2024/
Vice-Chairman of ORMC
Ing. Petr Hejduk
Member of the Board of Directors,
in charge of the Finance and Operations Division
Members Komise of ORMC
Ing. Roman Somol, MBA
Head of the Enterprise Risk Management department
The Operational Risk Management Commiee (ORMC) – 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 CEB's managers. ORMC is part of the management and control system of CEB.
The composition of ORMC in 2024 was as follows:
26 1 Profile of Česká exportní banka, a.s.
Members Komise of ORMC
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
27 1 Profile of Česká exportní banka, a.s.
Division Section Department
Restructuring and
Debt Recovery (1020)
Credit Risk Management
and Loan Analysis (2020)
Business Administration
(4030)
Enterprise Risk
Management(2010)
Corporate Secretary
(0101)
Strategy and
Communication (0130)
Treasury
(0160)
Internal Audit
(0400)
Compliance
(0500)
Human Resources
(0120)
General Meeting
Board of Directors
CEO Division (0100)
CEO
Sales and Export Financing Division
(3000)
Head of the Division
Finance and Operations Division (4000)
Deputy CEO
Risk Management Division (2000)
Deputy CEO
Export Financing
(3010)
Export financing 1
(3011)
Export financing 2
(3012)
Finance
(4041)
Accounting
(4042)
Trade Finance
(3050)
Finance and Accounting
(4040) Legal
(0140)
Banking IS
Development
(4010)
Banking IS
Operations
(4020)
Payments
(4002)
Supervisory BoardAudit Commiee
Organizational structure of Česká exportní banka, a.s., valid from 31 December 2024
ICT Security
(4003)
Internal Administration
(4021)
1.6 Organisational scheme of Česká exportní banka, a.s.
1.7 Declaration of no conflict 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.
28
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