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 (in EUR) 2009 2008 Loans to KD d. d. Beginning of the year 14,038,840 10,728,111 Loans advanced during the year 6,978,057 14,712,870 Loan repayments received (6,610,994) (11,533,545) Interest charged 595,178 491,650 Interest received (380,612) (360,246) End of the year 14,620,469 14,038,840 (in EUR) 2009 2008 Borrowings and deposits from associates - - Beginning of the year - - Borrowings received during the year - - Borrowings repayments - - Interest charged - - Interest paid - - Total - - For loans approved to associates in 2009 and 2008, the Group charged no costs associated with the approval process. (in EUR) 2009 2008 Other related-party transactions Beginning of the year 34.968.796 10.760.414 Loans advanced during the year 2.848.735 32.699.823 Loan repayments received (13.739.073) (9.514.924) Impairment (4.468.763) - Interest accrued 1.416.372 1.023.482 Total 21.026.067 34.968.796 Loans are collateralised by the securities received as collateral and establishing usufruct of securities in the amount of EUR 14,125,337 (EUR 2008:12.576.276). Interest rate for loans range from 3M EURIBOR+ 1.75% to 9%. 34. Events after the balance sheet date The Supervisory Board of KD Life Življenje d.d. at its meeting on 1 March 2010, adopted the proposal to convene the General Meeting of Shareholders and replace a member of the Supervisory Board. Mr. Sergej Racman, member and Deputy Chairman of the Supervisory Board, will be replaced by Draško Veselinovič, PhD. At the same meeting the Supervisory Board also gave its consent to the company´s business plan for the financial year 2010. Following the review of operations of KD Življenje d. d. which by the Insurance Supervision Agency (the Agency) in 2007, an Order for the elimination of violation No. 40105-381/08-27 dated 14 April 2008 was issued to KD Življenje stating that the company did not set aside insurance technical provisions for minimum guaranteed payments on life insurance with DPF of Asia Garant and Asia Garant plus, which should have been done in accordance with the Insurance Act. Since KD Življenje submitted an incomplete report on the elimination of violations, the Agency issued another Order No. 40105-789/08-27 of 19 June 2008 for updated report. 172
The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 Following the annulment of the above Order for updated report, the Agency issued a new Order for updated report No.. 40105-2559/08-27 of 17 December 2008, which is, based on the legal action brought by the insurance company on 5 January 2010, again under judicial review. The lawsuit is currently in progress. Since instituting proceedings against the Order for updated report and the Decision of the Agency No. 40109-221/09-27 of 11 February 2009, by which the Agency decided on objection to the Order for the updated report does not stay the execution thereof, the insurance company on 26 January 2010 reconciled insurance technical provisions and investments in accordance with the Order for updated report and the Decision. As at 31 January 2010 the insurance company formed insurance technical provisions for guaranteed minimum payment of endowment on the life insurance assets covering mathematical provisions in the amount of EUR 6,127,227. The difference to the full amount of insurance technical provisions arising from the value of units in structured debt securities of Asia Garant and Asia Garant + was recognised within unit-linked assets in the amount of EUR 305,014. On 20 January 2010 legal action was brought to the court against the Decision of the Ministry of Finance, Directorate for the System of Tax, Customs and Other Public Revenues, Division for Administrative Procedure at II. Degree in Tax and Customs Matters No. DT-499-02-32/2007 of 10 December 2009, rejecting the company's appeal against first instance decision of the Ministry of Finance, Tax Administration of the Republic of Slovenia, the Special Tax Office, No. DT 0610-11/2007 0203 10 of 19 June 2007. Taxes and fees the payment of which was required in the said decision were paid already in 2007. On 12 January 2010 at the time when the preparation of these financial statements was drawing to its end, the inspectors of the Tax Administration of the Republic of Slovenia began the examination of the corporate income tax for the year 2008. The tax inspection is expected take three months; hence by the time the annual report and accounts for 2009 drawn up by the reporting entity were completed, no decision has been issued by the tax authorities. On 10 February 2010, the Supervisory Board of Adriatic Slovenica deliberating on the basis of the notice given by Mr. Marko Rems resigning his position of a member of the Management Board dated 25 November 2009 relieved him of his duty. Until the appointment of a new member of the Management Board, the insurance company Adriatic Slovenicaa will be run by the two-memebr Management Board composed of two members. On 19 March 2010, a report about the measures taken to remedy the infringement specified in the decision issued by the Insurance Supervision Agency was sent to the Slovenian supervisory authority. By the time of the publication of this Annual Report for 2009, the insurance company has not received any feedback. The following companies are in the process of winding up: KD Asset Management b.v., the Netherlands KD Investment Belgrade KD Private Equity Belgrade KD Securities EAD Sofia, Bulgaria R.E.Invest d.o.o., Slovenia The companies SC KD Fond de Pensii s.a., Romania and KD Capital Management, Romania are currently in the process of being sold. 173
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