The Group KD Group and KD Group dd

The Group KD Group Annual Report 2009
Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009
Deferred acquisition costs (DAC) and deferred expenses and accrued revenue
(in EUR) 31. 12. 2009 31. 12. 2008
Deferred acquisition costs (DAC) 8,103,645 11,566,010
Deferred expenses and accrued revenue 3,798,016 2,221,991
Total 11,901,661 13,788,001
Trade receivables of EUR 3,583,141(2008: EUR 19,036,829) are classified as current assets based on the normal operating
cycle, but are expected to be settled more than 12 months after the balance sheet date.
Movement in allowance for losses on trade and other receivables:
(in EUR) 2009 2008
Balance as at 1 January 37,825,871 35,383,057
Provision for receivable impairment 8,270,730 8,360,265
Receivables written off during the year as uncollectible (143,249) 318,020
Acquisition of subsidiary 19,646 -
Exit from the Group (63,410) (590,542)
Amounts recovered during the year (3,745,882) (5,644,929)
As at 31 December 42,163,706 37,825,871
13. Inventories
(in EUR) 31. 12. 2009 31. 12. 2008
Property intended for sale in the ordinary course of business 11,845,796 12,653,557
Other 1,597,263 1,279,251
Total 13,443,059 13,932,808
Property intended for sale consists of the commercial-residential building Šumi. Other inventories consist of material and raw
material (books and publications). Inventories are not pledged as collateral for liabilities.
14. Cash and cash equivalents
(in EUR) 31. 12. 2009 31. 12. 2008
Cash at bank and in hand 13,378,915 9,500,699
Call deposits 27,351,157 21,804,493
Total 40,730,072 31,305,192
The effective interest rate on call deposits with banks is 1.6% (2008: between 3.00% and 4.10%).
The Group has open end credit lines in the amount EUR 200,000 and overdrafts on accounts at banks in the amount EUR
125,000.
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