The Group KD Group and KD Group dd

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The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, was as follows: Deferred tax liabilities (in EUR) Fair value gains Other Total As at 1 January 2008 11,400,456 65,800 11,466,256 Charged/(credited) to the income statement 347,199 (55,991) 291,208 Charged to equity (8,031,137) - (8,031,137) Charged to equity – transfer to net profit (Note 16) (3,619,691) - (3,619,691) Acquisition of subsidiaries - - - Exchange differences 421 153 574 As at 31 December 2008 97,248 9,962 107,210 Charged /(credited) to the income statement (391,248) - (391,248) Charged to equity – fair value reassessment 1,749,976 1,244 1,751,220 Charged to equity – transfer to net profit (Note 16) (75,305) (6,113) (81,418) Acquisition of subsidiaries 32,633 - 32,633 Disposal of subsidiaries (27) - (27) Exchange differences - - - As at 31 December 2009 1,413,277 5,093 1,418,370 Deferred tax assets (in EUR) Employee benefits Impairment losses Tax losses Other Total As at 1 January 2008 614,959 4,251,798 4,062,197 9,416 8,938,370 Charged/(credited) to the income statement (195,723) 8,130,829 3,515,832 60,261 11,511,199 Disposal of subsidiaries (7,726) (66,806) - - (74,532) Exchange differences 1,164 15,868 (77,102) (60,070) As at 31 December 2008 412,674 12,331,689 7,500,927 69,677 20,314,967 Charged/(credited) to the income statement (153,072) (1,150,136) 10,735,085 (27,434) 9,404,443 Acquisition of subsidiaries 1,287 - - - 1,287 Disposal of subsidiaries - (8,031) - - (8,031) Exchange differences - - (30,078) - (30,078) As at 31 December 2009 260,889 11,173,522 18,205,934 42,243 29,682,588 The deferred tax charged to components of other comprehensive income during the year: (in EUR) 31. 12. 2009 31. 12. 2008 Fair value reserves in shareholders’ equity – Available-for-sale financial assets (1,655,662) 12,046,306 – Derivative financial instruments (14,140) - (1,669,802) 12,046,306 162
The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 Deferred tax assets are recognised for tax loss carry-forwards to the extent that realisation of the related tax benefit through the future taxable profits is probable. All tax losses can be utilised over an unlimited period of time. The Group did not recognise deferred tax assets of EUR 1,729,912 (2008 EUR 278,368) in respect of losses amounting to EUR 8,649,560 (2008 EUR 1,325,563) that can be carried forward against future taxable income. These losses were generated by subsidiaries of the Group with a history of loss-making. Unrecognised potential deferred tax assets: (in EUR) 31. 12. 2009 31. 12. 2008 Deductible temporary differences - - Unrecognised tax loss carry-forwards 8,649,560 1,325,563 Unrecognised tax credits - 23,584 Total 8,649,560 1,349,147 22. Revenue 22.1. Net earned premiums on insurance contracts (in EUR) 2009 2008 Long-term insurance contracts with DPF 7,077,204 7,634,679 Long-term insurance contracts without fixed terms – unit-linked 68,029,056 82,719,783 Financial contracts with DPF - Premium receivables 1,449,422 1,704,633 - Change in unearned premium provisions 9,007 34,497 76,564,689 92,093,592 Property insurance contracts and health insurance contracts - Premium receivables 263,935,937 240,766,222 - Change in unearned premium provisions 1,616,189 (322,049) 265,552,126 240,444,173 Premium income arising from insurance contracts issued 342,116,815 332,537,765 Short-term reinsurance contracts - Premium payables (11,898,976) (11,420,813) - Change in unearned premium provisions (218,412) 7,992 Long-term reinsurance contracts 130,950 157,751 Premium revenue ceded to reinsurers on insurance contracts issued (11,986,438) (11,255,070) Net premiums 330,130,377 321,282,695 163
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