The Group KD Group and KD Group dd

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The KD Group Annual Report 2009 In India, successful parliamentary elections contributed to growth of the stock market index. At these elections, which lasted for a month (from mid April to mid May), the leading Congress party were the conclusive winners with 206 seats out of a total of 543, which is the best election result of any party since 1991. A day after the election results were announced, Indian stock market, after a few interruptions in trading, recorded an incredible 17 percent growth. With a slight delay, positive news began to trickle also from the Russian economy which was, due to its high dependency on exports of oil and some other raw materials, during the economic crisis most affected among the developing economies. The Russian central bank at the end of September again reduced the key interest rate to give additional boost to the domestic economy. Currently the key interest rate stands at 8.75 percent. One of the more piercing measures taken by the Brazilian government in 2009 was without a doubt expansion of its welfare aid for the poor which is currently provided to over a million of the poorest households. Extensive aid and social reforms are the reason why countries were able to more or less avoid otherwise expected social unrest and political crisis. The Brazilian Bovespa index recorded a 121 percent growth in 2009. Towards the end of 2009, capital markets were shocked by the news of impending bankruptcy of Dubai, but thanks to the intervention of Abu Dhabi, the news was short-lived. Slovenia and the Balkan markets Less liquid or marginal markets did not perform well in 2009 in terms of return. Almost all lagged behind the stock market indices of developed countries and large developing countries. The main reason why these markets are rightly described as marginal markets is certainly inefficiency of information technology and uncharacteristic deviation from foreign market trends. On the other hand, these markets are relatively new and investors were more or less restricted to the local or regional areas. All of the Balkan markets, including the Slovene market, reached their peaks as an example of a stock market boom fuelled by speculations of takeovers and in terms of its size, it can be compared to that experienced by the technological market in 2009. An important element of fuelling these markets were high global tendencies to taking risks and low interest rates. The Slovene SBI 20 index rose by 10 percent, Serbian Belex gained 15, Croatian Crobex 16 percent, and Macedonian MBI-10 recorded a 31 percent increase, whereas Bosnian SASX-10 closed at a loss of 15 percent. The region successfully maintained stability in the most difficult period of the first half of 2009 primarily thanks to support provided by the IMF and the EU as well as the commitment of all major European banks not to significantly lower their lending facilities. In terms of currency, the highest depreciation was recorded by the Serbian dinar which lost 10 percent, and which affected positively on higher cover of imports with exports, stimulated domestic exporters and due to underdevelopment of the economy, there was a slight effect of imported inflation due to the general deflationary climate in importing partners. Slovenia recorded a considerable increase in unemployment rate following a fall of some of the giants such as Mura, and there was a considerable amount of uncertainty with regards to the fall of the domestic real estate market, which did not result in any significant decline in real estate prices. Based on quarterly results of Slonep the price of one m2 of an apartment in Ljubljana fell by an average of 3-6 percent, whereas December payout was by 6 percent higher than in the same period of 2008. In terms of the average annual salary increase in Slovenia, housing prices in Slovenia are slightly higher compared to the developed Western markets, whereas compared to the real estate prices in East and Central Europe, they are considerably lower. Based on an average salary, an average Slovene can acquire 4.5 m2 of real estate compared to nearly 10m2 that can be purchased by an average German house hunter or only 2m2 afforded by the Slovak or Bulgarian citizen. The past year lead to disintegration of a number of large systems such as: Istrabenz, the Pivovarna Laško Group (whose negative results burden the Slovene banking system), as well as Petrol. Foreign investments of some of Slovene companies such as Zavarovalnica Triglav and Intereuropa proved to be less profitable which resulted in limited amount of inexpensive sources of funds. In spite of low Euribor rate (0.7 percent) bank margins are high due to uncertain faith of the domestic construction industry, numerous new provisions and continued difficulties in securing external funding. 32
The KD Group Annual Report 2009 Operations of the KD Group in 2009 The KD Group incurred a loss of EUR 44.2 million in 2009. During the year economic crisis at home and abroad deepened which resulted in an additional write-off of investments in the Group. Important operating indicators of the Group KD Group: – Operating revenue of EUR 367.9 million presents a decline of 6 percent compared to the previous year. In terms of the revenue structure, net revenue from insurance premiums of EUR 330.1 million account for 90 percent of total revenue, – At the end of 2009 the value of total assets stood at EUR 847,8 million, an increase of 7 percent compared to 2008, – As at 31 December 2009, the Group's capital of EUR 151.6 million presents a 22 percent reduction compared to 2008. Important indicators Indicator 2009 2008 Index 2009/2008 Return on equity (in %) (25.6) (28.8) 89 Equity financing (capital / total assets) (in %) 17.9 24.4 73 Earnings per share attributed to majority shareholders (in EUR) 15 (17.1) (29.7) 58 Share book value (in EUR) 16 52.70 66.86 79 Market capitalisation / capital book value 17 0.91 0.78 118 15 Earnings per share attributed to majority shareholders: Net profit of majority shareholders – dividend payout on preference shares (excluding treasury preference shares) 16 Share book value: The average number of total issued shares excluding treasury shares Capital book value of majority shareholders (as at 31 December 2009) The number of total issued shares excluding treasury shares (as at 31 December 2009) 17 Market capitalisation / capital book value Market capitalisation of both share classes (excluding treasury shares) (as at 31 December 2009) Capital book value of majority shareholders (as at 31 December 2009) Diluted earnings per share also take into account any granted options, convertible bonds or other similar financial instruments. As the company issued no such financial instruments this indicator is identical to earnings per share attributed to majority shareholders. 33
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