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
The actual amount of income tax expense of the Group differs from the notional amount that would arise using the weighted
average tax rate applicable to profits of the consolidated companies as follows:
(in EUR) 2009 2008
Profit before tax (43,887,570) (77,217,976)
Tax calculated at domestic tax rates applicable to profits in the respective countries 9,745,306 18,793,634
Income not subject to tax 8,411,643 13,929,188
Non-deductible expenses (13,571,533) (19,987,207)
Utilisation of previously unrecognised tax losses 329,128 (237,893)
Tax losses for which no deferred tax assets were recognised 2,285,363 (4,211,823)
Tax charge 7,199,907 8,285,899
Effective tax rate 16.41% 10.73%
The applicable corporate income tax rates in Slovenia for 2009 and 2010 are 21% and 20%, respectively.
The tax authorities may at any time inspect the books and records within five years subsequent to the reported tax year, and
may impose additional tax assessments and penalties. Some of the subsidiaries have been the subject of tax inspection in
recent years, but the parent company has not been inspected by the tax authorities since its establishemtn in 2001. The
Group’s management is not aware of any circumstances which may give rise to a potential material liability in this respect.
30. Earnings per share
Basic earnings per share attributable to holders of ordinary shares of the controlling entity are calculated by dividing the profit
attributable to equity holders of the Group, (net profit of the majiortiy owners adjusted for the amount of preference dividends,
by the weighted average number of ordinary shares in issue during the year.
(in EUR) 2009 2008
Basic
Profit attributable to equity holders of the parent (44,246,799) (76,858,747)
Weighted average number of ordinary shares in issue 2,613,439 2,613,439
Basic and diluted earnings per share (EUR per share) (16.93) (29.41)
Earnings per share and restated earnings per share are equal.
31. Dividends per share
According to the decision of the General Meeting of Shareholders concerning profit distribution, no dividends were paid either
on preference shares or ordinary shareso. For the year 2009 the Board of Directors proposed no dividend payment.
32. Acquisitions and disposals of subsidiaries
32.1. Acquisition
In 2009, the Group acquired a more than 50% share in the following companies:
- FM-NET d.o.o., Ljubljana – 31 January 2009
- Radio Kranj d.o.o., Kranj – 31 January 2009
- World Life group Ltd., Limassol – 30 June 2009
- Vitavizia d.o.o., Ljubljana – 30 June 2009
- KD Financial point EOOD, Sofia – 1. January 2009
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