The Group KD Group and KD Group dd

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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. 40
The KD Group Annual Report 2009 Highlights from the income statement INCOME STATEMENT (in EUR thousand) 2009 2008 Index 2009 / 2008 Gross operating income 501 659 76 Operating expenses (7,252) (12,378) 59 Costs of goods, materials and services (3,025) (6,828) 44 Labour costs (3,636) (4,903) 74 Amortisation and depreciation (536) (453) 118 Other operating expenses (54) (195) 28 Operating profit or loss (6,751) (11,719) 58 Finance revenues 8,262 53,003 16 Finance revenue from shares and interests 6,222 49,240 13 Finance revenue from loans 2,016 3,714 54 Finance revenue from operating receivables 23 49 47 Finance expenses (62,818) (50,675) 124 Finance expenses due to investment impairment and write-off (54,784) (42,088) 130 Finance expenses from financial liabilities (7,805) (8,565) 91 Finance expenses from operating liabilities (228) (22) 1.040 Other revenue 197 7 2.829 Other expenses (0) (295) 0 Deferred tax and income tax 8,283 3,380 245 Net profit or loss for the year (52,827) (6,299) 839 Highlights from the balance sheet BALANCE SHEET (in EUR thousand) 31.12.2009 31.12.2008 Index 31.12.2009 / 31.12.2008 Assets 336.356 379.611 89 Long-term assets 291.368 323.904 90 Long-term financial assets 271.104 301.716 90 Long-term operating assets 20.264 22.188 91 Current assets 44.988 55.707 81 Short-term financial assets 33.732 47.495 71 Short-term operating assets 11.257 8.212 137 Equity and liabilities 336.356 379.611 89 Equity 162.305 210.917 77 Provisions 21 32 65 Financial and operating liabilities 174.030 168.662 103 Financial liabilities 168.258 158.241 106 Operating and other liabilities 5.772 10.421 55 41
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