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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 Other assets and liabilities (own assets) in 2006 (in EUR) Carrying amount No stated maturity Contractual cash flows (undiscounted) 0-1 year 1-3 years 3-5 years More than 5 years Debt securities 560.432 - 62.135 152.752 158.304 349.845 At fair value through P&L 495.783 - 51.508 123.386 137.049 317.903 Listed securities 495.783 - 51.508 123.386 137.049 317.903 - fixed interest rate 495.783 - 51.508 123.386 137.049 317.903 Available for sale 56.537 - 10.627 21.255 21.255 31.942 Listed securities 56.537 - 10.627 21.255 21.255 31.942 - fixed interest rate 56.537 - 10.627 21.255 21.255 31.942 Held to maturity 8.112 - - 8.112 - - Listed securities 8.112 - - 8.112 - - - fixed interest rate 8.112 - - 8.112 - - Equity securities 93.503.190 93.503.190 - - - - At fair value through P&L 25.042.183 25.042.183 - - - - Listed securities 25.042.183 25.042.183 - - - - Available for sale 68.461.007 68.461.007 - - - - Listed securities 35.014.151 35.014.151 - - - - Unlisted securities 33.446.856 33.446.856 - - - - Investment property 14.678.359 14.678.359 - - - - Loans and receivables 53.989.716 - 53.892.947 1.389.117 - - Investment in associates 45.119.877 45.119.877 - - - - Cash and cash equivalents 13.924.193 13.924.193 - - - - Total assets 221.775.767 167.225.619 53.955.082 1.541.869 158.304 349.845 Liabilities Debt securities (issued) 71.307.750 - 3.865.574 8.179.264 7.177.599 83.254.265 Borrowings 42.424.955 - 12.936.286 12.522.526 8.636.185 16.519.978 Trade and other payables 23.997.909 - 23.770.801 31.224 32.718 216.880 Total liabilities 137.730.614 - 40.572.661 20.733.014 15.846.502 99.991.126 271 5.2.2 Credit risk further limits on individual amounts and on already specified amounts of maximum exposure of individual Credit risk is the consequence of an inability on the part of a contracting party to fully repay its obligations or overdue debts. In terms of financial instruments included in investments, the risk that one party in a contract regulating the financial instrument will cause the other party to incur financial loss due to default on obligations as a result of difference between actual and contractually agreed fulfillment of obligations. securities. In order to minimise the risk exposure, the Group analyses the credit rating scores of issuers of securities. It also manages its credit risk exposure through investments in government-issued securities, and through investments in low-risk securities. The procedures for checking the credit rating of foreign issuers of securities are based on acquiring credit rating information from such international firms as Standard & Poor’s, Fitch-IBCA and Moody’s. The Group manages its credit risk exposure by introducing
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 Issuers of securities in Slovenia do not have ratings, but the insurance part of the Group hase the highest concentration of investments in debt securities, bank and government bonds. The credit risk of investment coupons and equity securities are controlled by diversification of investments. In the context of reinsurance, as for financial asset investment, credit risk management procedures relate to verifying the reinsurer’s credit rating. In accordance with the strategy of credit risk management, reinsurancerelated liabilities are reinsured by prime-grade reinsurers. This does not, however, discharge the Group’s liability as primary insurer. If a reinsurer fails to pay a claim for Procedures of verifying credit ratings are based on obtaining and reviewing publicly accessible data on the current financial status of the issuer of financial instruments and the issuer’s future solvency. The credit any reason, the Group remains liable for the payment to policyholder. The creditworthiness of reinsurers is considered on an annual basis by reviewing their financial strength prior to finalisation of any contract. rating of domestic the issuer’s of financial instruments is determined by the Group itself. In checking the issuer’s credit using its own sources, the Group checks the issuer’s future solvency, in particular the issuer’s adequacy of expected future cash flows from regular activities offset The Group restructures credit risk through establishing limits to the counterparty and also according to territory and industry. These risks are changing regulary. 272 against the outflows for settlement of future liabilities. Maximum credit risk exposure (in EUR) AAA-A BBB-B Without rating Total 2007 2006 2007 2006 2007 2006 2007 2006 Debt securities 107,619,183 24,513,164 6,031,103 10,075,785 36,797,448 109,493,871 150,447,734 144,082,820 At fair value through P&L 3,613,689 2,819,810 999,623 - 17,976,207 13,784,736 22,589,519 16,604,546 Available for sale 101,702,133 21,484,312 3,666,648 7,960,728 14,899,270 91,045,357 120,268,051 120,490,397 Held to maturity 2,303,361 209,042 1,364,832 2,115,057 3,921,971 4,663,778 7,590,164 6,987,877 Loans and receivables - - - - 135,690,971 132,080,595 135,690,971 132,080,595 Loans and deposits - - - - 57,751,092 60,299,751 57,751,092 60,299,751 Insurance receivables - - - - 35,598,232 32,395,529 35,598,232 32,395,529 Recourse receivables - - - - 11,338,513 8,796,610 11,338,513 8,796,610 Other receivables - - - - 31,003,134 30,588,705 31,003,134 30,588,705 Reinsurance assets - - - - 11,004,824 8,631,597 11,004,824 8,631,597 Cash and cash equivalents 44,572 - 692,174 - 28,661,371 20,309,729 29,398,117 20,309,729 Other assets - - - - 2,870,170 1,765,148 2,870,170 1,765,148 Total assets 107,663,755 24,513,164 6,723,277 10,075,785 215,024,784 272,280,940 329,411,816 306,869,889
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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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107
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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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147
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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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179
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Challenges in 2008: To obtain the r
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may choose between the following ma
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A selection of the most important a
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The company designed, developed and
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Sofia, Bulgaria 189
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KD Holding Group Consolidated Finan
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KD Holding Group Notes to Consolida
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