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 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 168
The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 - OOO Sarbon Invest, Taškent – 30 June 2009 Pursuant to the business combination with FM-NET d.o.o., World Life Group ltd., Vitavizia d.o.o., EOOD KD Financial point Bulgaria and OOO Sarbon Invest, the Group recognised goodwill totalling EUR 4,814,498; in the other business combination with Radio Kranj d.o.o., the Group recognised surplus in the amount of EUR 192,776. If the above entities were included in the Group from 1 January 2009, the Group's revenues would be higher by EUR 188,541 resulting in a total loss of EUR 1,406,321. Details of net assets acquired and excess on the acquisition are as follows: (in EUR) 2009 2008 Purchase consideration: – cash paid 4,534,146 37,500 – direct costs relating to the acquisition - - Total purchase consideration 4,534,146 37,500 Fair value of net assets acquired (87,577) 153,708 Goodwill (Note 9) 4,814,498 127,058 Excess (Note 22.2) (192,776) (31,536) The assets and liabilities arising from the acquisition are as follows: (in EUR) Fair value Carrying value Cash and cash equivalents 301.024 301.024 Property, plant and equipment 397.751 397.751 Investments in subsidiaries 535.376 535.376 Investments in associates 42.826 42.826 Financial assets 3.476.199 3.476.199 Loans and receivables 546.518 546.518 Other assets 3.201 2.994 Financial liabilities (4.826.716) (4.826.716) Payables (1.559.556) (1.559.556) Net assets (1.083.377) (1.083.584) Non-controlling interests 339.520 339.520 Net assets acquired: (1.083.377) (1.083.377) - in the previous years 278.819 278.819 - in the current year (231.067) (231.067) Cash and cash equivalents in subsidiary acquired - in previous years - - - in the current year 4.534.146 4.534.146 Cash and cash equivalents in subsidiary acquired (301.024) (301.024) Cash outflow on acquisition 4.233.122 4.233.122 169
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The Group KD Group and KD Group dd

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