The Group KD Group and KD Group dd

The KD Group Annual Report 2009
The equity independence ratio indicating the share of equity in total liabilities (shown in the introductory overview of ratios)
dropped to 17.9 percent as a result of a decrease in equity. It should be noted that the ratio is low primarily due to the
specific characteristics of the insurance balance sheets which include liabilities arising from insurance contracts within items
of equity and liabilities.
Equity and liabilities and changes as at 31 December 2009 and 2008 (in EUR thousand):
Equity and liabilities ( in EUR thousnad)
900.000
800.000
700.000
600.000
500.000
400.000
300.000
200.000
100.000
0
847.785
46.137
795.464
45.838
196.132
181.909
17.703
16.394
140.109 79.309
279.766
296.098
151.605
192.247
31.12.2009 31.12.2008 restatement
Operating and other
liabilities
Financial liabilities
Investment contracts
Unit-linked liabilities to
policyholders
Liabilities arising from
insurance contracts
Equity *
Business operations of KD Group d.d. in 2009
Significant operating indicators of KD Group d.d.:
– KD Group d.d. ended the year 2009 with a loss of EUR 52.8 million,
– Operating expenses in 2009 reached EUR 7.3 million, a drop of 51 percent compared to the previous
year. The effects of rationalisation were reflected primarily in the reduction of costs of goods, materials
and services (56 percent reduction) and labour costs (26 percent reduction),
– Financial revenue of EUR 8.3 million represents a drop of 84 percent compared to 2008 mainly on
account of lower financial revenue from shares and interests,
– Compared to 2008, financial expenses increased by 24 percent. Deepened economic crisis at home and
abroad resulted in additional impairment and write-off of investments which totalled EUR 54.8 million,
– At the end of 2009, total value of assets reached EUR 336.4 million, a drop of 11 percent compared to
2008,
– As at 31 December 2009, equity of EUR 162.3 million presents a 23 percent reduction compared to
2008,
– Compared to 2008, financial liabilities rose by 6 percent to EUR 168.3 million, accounting for 50 percent
of total equity and liabilities. In terms of financial liabilities, there was a reduction in long-term financial
liabilities to banks, and an increase in short-term financial liabilities to the Group companies.
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