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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 The opinion on the adequacy of liabilities for 2007 - to be added when the test is carried out Liabilities as calculated using LAT as per 31.12.2007 are lower than liabilities the Group recognised in its financial statements using its own methodology. The test has proven the adequacy of liabilities formed for life insurance contracts. The Group first adopted LAT for fiscal year 2006. expenses attributable to the unexpired periods of policies in force at the balance sheet date with the amount of unearned premiums in relation to such policies after. Expected cash flows relating to claims and expenses are estimated by reference to the experience during the expired portion of the contracts, adjusted for significant individual losses which are not expected to recur. The test proved the adequacy of liabilities for life insurance contracts as at 31.12.2006. The opinion on the adequacy of liabilities for 2007 The results show no deficiency in the liabilitiy 2. Liability adequacy test for property and health amount for either 2007 or 2006. insurance The liability adequacy test for property insurance contracts is carried out for liabilities attributable to 3.1.1 Estimate of future benefit payments and premiums arising from long-term insurance contracts the unearned premium reserve and related DAC. We consider that the formed liabilities for damages and liabilities for bonuses and discounts are based on undiscounted test estimates of management using actuarial techniques are adequate so no further adequacy test is considered necessary. The liability adequacy test for property and health insurance was performed for all insurance liabilities. Insurance liabilities related to incurred and reported claims and incurred but not reported claims are calculated by using current assumptions and therefore represent the best estimation of the current liabilities from the insurance contracts. The liability adequacy test is therefore limited to the unexpired portion of existing contracts. It is performed by comparing the expected value of claims and The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the Group. Estimates are made as to the expected number of deaths for each of the years in which the Group is exposed to risk. The Group bases these estimates on standard industry and national mortality tables that reflect recent historical mortality experience, adjusted where appropriate to reflect the Group’s own experience. For contracts that insure the risk of longevity, appropriate but not excessively prudent allowance is made for expected mortality improvements. The estimated number of deaths determines the value of the benefit payments and the value of the valuation premiums. The main source of uncertainty is that epidemics such as AIDS, SARS and wide-ranging lifestyle changes, such as in eating, smoking and exercise habits, could result in future mortality being significantly worse than in the past for the 233
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 age groups in which the Group has significant exposure to mortality risk. However, continuing improvements in medical care and social conditions could result in improvements in longevity in excess of those allowed for in the estimates used to determine the liability for contracts where the Group is exposed to longevity risk. as a result of damage claims. On the balance sheet date liability adequacy tests are carried out in order to ensure the adequacy of the disclosed contractual liabilities. In the performance of these tests the Group uses its best estimates of future cash flows, appraisal and administrative costs and investment incomes from assets which cover these liabilities. Through formation of 234 For long-term insurance contracts with fixed and guaranteed terms, estimates are made in two stages. Estimates of future deaths, voluntary terminations, investment returns and administration expenses are made at the inception of the contract and form the assumptions used for calculating the liabilities during the life of the contract. A margin for risk and uncertainty is added to these assumptions. These assumptions are “locked in” for the duration of the contract. New estimates are made each subsequent year in order to determine whether the previous liabilities are adequate in the light of these latest estimates. If the liabilities are considered adequate, the assumptions are not altered. If they are not adequate, the assumptions are altered (“unlocked”) to reflect the best estimate assumptions. A key feature of the adequacy testing for these contracts is that the effects of changes in the assumptions on the measurement of the liabilities and related assets are not symmetrical. Any improvements in estimates have no impact on the value of the liabilities and related assets until the liabilities are derecognised, while significant enough deterioration in estimates is immediately recognised to make the liabilities adequate. There are several areas of uncertainty which must be taken into consideration when preparing the estimation of liabilities which the Group will be required to pay provisions for losses stemming from the liability adequacy tests, the found deviations affect the profit or loss. Long-term insurance contracts with certain guarantees are measured on the basis of assumptions used at the signing of the contract. If the liability adequacy test requires the use of new assumptions based on the best estimate, these are used for subsequent measurement of these liabilities (without the adjustment for unfavourable experience). 3.1.4 Impairment of available-for-sale equity financial assets The Group determines that available-for-sale equity financial assets are impaired when there has been a significant or prolonged decline in the fair value below its cost. This determination of what is significant or prolonged requires judgement. In making this judgement, the Group evaluates, among other factors, the normal volatility in share price, the financial health of the investee, industry and sector performance, changes in technology and operational and financing cash flow. Impairment may be appropriate when there is evidence of deterioration in the financial health of the investee, industry and sector performance, changes in technology, and financing and operational cash flows.
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“With extended pictures and image
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Contents Company profile Important
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Company profile Parent company: KD
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Sales of financial services Last ye
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When we gathered together at the fi
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Management Team 14 Janez Bojc, Depu
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16 Aljoša Tomaž, Assistant to the
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18 Matija Šenk, President of the M
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KD Holding Group key divisions Inve
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Companies in the KD Holding Group b
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24 Piran saltpans, Slovenia
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26 Ljubljanica River, Slovenia
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2005 Establishment of the first spe
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30 Key events in 2007 January The o
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November KD Investments in Slovenia
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34 Old city centre, Ljubljana, Slov
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1. Poslovno poročilo Skupine KD Ho
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1.1 Strategic orientations of the K
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Continuing along the same path in 2
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Share price movement There were 3,2
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Ownership structure The largest sha
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1.3 Corporate governance report Res
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Alojz Penko Alojz Penko was first a
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The members of the Management Board
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7. AUDITING AND THE SYSTEM OF INTER
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Highlights from the income statemen
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Sales revenue Sales revenue 8 amoun
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Operating expenses Operating expens
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Net profit by business segment in 2
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Financing Due to the high growth in
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1.5 Risk Management 64 The Manageme
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66 Parameters defining the insuranc
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68 Bratislava, Slovakia
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70 Croatian Istria - portrait
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1.6 Human resource management At th
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Employee educational structure More
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Number and educational structure of
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78 Kalemegdan - Belgrade, Serbia
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80 Belgrade, Serbia
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1.7 Corporate communications Intern
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1.8 Information support using the s
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to Fondpolica investment funds with
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88 Belgrade, Serbia
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cultural institutions and with indi
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The main focus at Adriatic Slovenic
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Corporate social responsibility in
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Kalemegdan - Belgrade, Serbia 97
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Slovenija - solinar Fisherman, isla
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Celica Hostel, Ljubljana, Slovenia
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2. Operations of the companies with
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In asset management business, our i
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2. 1 Asset management The Group’s
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Challenges in 2008: Maintaining our
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Slovenia KD Investments, družba za
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KD Rastko - an equity mutual fund A
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second half of the year, prices beg
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The structure of the portfolio, com
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Croatia KD Investments d. o. o., Za
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KD Adria Bond, - a bond mutual fund
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Slovakia KD Investments, správ. sp
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Bratislava, Slovakia 127
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Romania SAI KD Investments Romania,
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KD Multifond - a fund of funds At t
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Bulgaria KD Investments EAD, Sofia
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KD Equity Bulgaria - an equity mutu
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Serbia KD Investments, a. d., Belgr
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Slovenia KD BPD, borznoposredniška
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We successfully responded to Sloven
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Bulgaria KD Securities EAD, Sofia N
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Our insurance activities embody the
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Structure of insurance within KD Ho
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Structure of health insurance premi
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was above average in terms of reput
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In 2007 Adriatic Slovenica’s work
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Structure of KD Življenje premiums
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Romania KD Life Asigurari S. A., Bu
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Slovakia KD LIFE, Insurance company
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Eastern Orthodox priest, Macedonia
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Do you think it is possible to comb
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Operations in 2007 To increase sale
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Terazije, Belgrade, Serbia 169
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But we also build literally: we hav
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Investment strategy The amount inve
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Closed-end Investment fund BIG d. d
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Challenges in 2008: The company’s
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Page 182 and 183: Challenges in 2008: To obtain the r
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Page 192 and 193: KD Holding Group Consolidated Finan
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KD Holding Group Notes to Consolida
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KD Holding Group Consolidated Finan
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