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 Notes to the consolidated financial statements 1. General information The principal activities of KD Group d. d. (“the Company”) and its subsidiaries (“the Group”) are quite diversified, namely, from insurance to asset management financial services, banking and many others (real estate/immoveable property, publishing, etc.). KD Group d. d. is a public limited company with its registered office in Ljubljana, Celovška 206, Slovenia. Its shares are listed on the OTC market of the Ljubljana Stock Exchange. The Company’s ultimate parent entity is KD d. d., with its registered office in Ljubljana, Celovška 206, Slovenia. These consolidated financial statements have been approved for issue by the Board of Directors on 22 April 2010 and can be obtained from the Company’s registered office in Ljubljana, Celovška 206, Slovenia. 2. Summary of significant accounting policies 2.1 Basis for the preparation of financial statements The accounting policies used are consistent with those applied in the previous year, except for the newly adopted standards and interpretations as presented below. IAS 1 Revised Presentation of Financial Statements The revised Standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owner changes in equity presented as a single line. In addition, the Standard introduces the statement of comprehensive income; it presents all items of recognised income and expense, either in one single statement, or in two linked statements. TheGroup has elected to present two statements. IAS 23 Borrowing Costs (Revised) The definition of borrowing costs is revised to consolidate the two types of items that are considered components of ‘borrowing costs’ into one - the interest expense calculated using the effective interest rate method in accordance with IAS 39. The KD Group has amended its accounting policy accordingly. This amendment did not have any impact on the Group’s financial statements IFRS 2 Share-based Payment - Vesting Conditions and Cancellations The Standard has been amended to clarify the definition of vesting conditions and to prescribe the accounting treatment of an award that is effectively cancelled because a non-vesting condition is not satisfied. The adoption of this amendment did not have any impact on the financial position or performance of the Group. IFRS 7 Financial Instruments: Disclosures The amended standard requires additional disclosure about fair value measurement and liquidity risk. Fair value measurements are to be disclosed by source of inputs using a three level hierarchy for each class of financial instrument. In addition, reconciliation between the beginning and ending balance for Level 3 fair value measurements is now required, as well significant transfers between Level 1 and Level 2 fair value measurements. The amendments also clarify the requirements for liquidity risk disclosures. The fair value measurement disclosures and the liquidity risk disclosures are impacted by the amendments (Note 5.6.) IFRS 8 Operating Segments The new Standard requires an entity to adopt “management approach” to reporting on the financial performance of its operating segments. As such it replaces the requirement for determining and reporting by business and regional segments. If the numbers used by management for internal performance measurement of operating segments are different to the numbers reported in the financial statements, this requires a reconciliation of numbers used by management to the financial statements. IAS 32 Financial Instruments: Presentation and IAS 1 Puttable Financial Instruments and Obligations Arising on Liquidation The Standards have been amended to allow a limited scope exception for puttable financial instruments to be classified as equity if they fulfil a number of specified criteria. The adoption of this amendment did not have any impact on the financial position or performance of the Group. 80
The Group KD Group Annual Report 2009 Notes to Consolidated Financial Statements as at and for the year ended 31 December 2009 IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement These amendments to IFRIC 9 require an entity to assess whether an embedded derivative must be separated from a host contract when the entity reclassifies a hybrid financial asset out of the fair value through profit or loss category. This assessment is to be made based on circumstances that existed on the later of the date the entity first became a party to the contract and the date of any contract amendments that significantly change the cash flows of the contract. IAS 39 now states that if an embedded derivative cannot be reliably measured, the entire hybrid instrument must remain classified as at fair value through profit or loss. The adoption of this amendment did not have any impact on the financial position or performance of the Group. IFRIC 12 Service Concession Agreement This interpretation outlines the approach to account for contractual arrangements arising from entities providing public services. It provides that the operator should not account for infrastructure as property, plant and equipment, but rather recognize a financial asset and/or intangible asset. The adoption of this amendment did not have any impact on the financial position or performance of the Group. IFRIC 13 Customer Loyalty Programmes This interpretation requires customer loyalty credits to be accounted for as a separate component of the sales transaction in which they are granted. A portion of the fair value of the consideration received is allocated to the award credits and deferred. This is then recognised as revenue over the period that the award credits are redeemed. The adoption of this amendment did not have any impact on the financial position or performance of the Group. IFRIC 15 Agreement for the Construction of Real Estate The interpretation is to be applied retrospectively. It clarifies when and how revenue and related expenses from the sale of a real estate unit should be recognised if an agreement between a developer and a buyer is reached before the construction of the real estate is completed. Furthermore, the interpretation provides guidance on how to determine whether an agreement is within the scope of IAS 11 or IAS 18. The adoption of this amendment did not have any impact on the financial position or performance of the Group. IFRIC 16 Hedges of a Net Investment in a Foreign Operation The interpretation is to be applied prospectively. IFRIC 16 provides guidance on the accounting for a hedge of a net investment. As such it provides guidance on identifying the foreign currency risks that qualify for hedge accounting in the hedge of a net investment, where within the group the hedging instruments can be held in the hedge of a net investment and how an entity should determine the amount of foreign currency gain or loss, relating to both the net investment and the hedging instrument, to be recycled on disposal of the net investment. The adoption of this amendment did not have any impact on the financial position or performance of the Group. 81
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The Group KD Group and KD Group dd

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