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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 Recourse receivables - recourse claims and assets acquired in the course of settlement of damages The Group may deal with the selling of items damaged in insurance cases which are acquired in the course of resolving damage cases. The net recoverable value of damaged items in damage cases which the Group manages to sell is recognised as revenue on the transaction date (sale of the damaged item). Exercised recourse receivables are recorded separately as receivables insured by mortgage and other recourse receivables, which is the basis for impairment calculation. The Group makes impairment of exercised recourse receivables and receivables on redemption based an individual estimation of the financial situation and liquidity of the insurance policy holder. Liquidity of debtors and other receivables, With the payment of damages, the rights in relation to those responsible for the damage are also transferred from the policy holder to the Group (subrogation). The Group exercises that right through a recourse claim, or partial payment of the insurance amount. In the event that the insured person of compulsory liability insurance loses his or her rights (intoxication etc.) the Group demands recourse from the policy holder or the person responsible for the damage for the entire or partial portion of the paid damages. Exercised recourse claims are recognised as insurance revenue. Expected recourse amounts are also included in the calculation of damage liabilities. Recourse receivables are recorded separately, as exercised and unexercised, whereas unexercised recourse receivables are kept in off-balance-sheet records and no impairment are formed with regard to them. except deferred tax receivables are assessed individually and likewise for impairment calculation. Loans The Group approves loans to its subsidiaries and associates in order to take advantage of synergy. The Group can get loans under advantageous conditions compared with subsidiaries and associates because of its financial power and intensive cooperation with financial institutions. It uses the interest rate for interest on loans according to related parties. Loans are not insured. In some cases loans are also approved to companies outside the Group if exists mutual interest for business cooperation. Loans are not insured and the interest rate is higher. 273
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 274 Neither Past due but not impaired Past due and impaired Total Individually Collective carrying past due Assets (in EUR) More amount and nor Up to 30 31-90 91-270 Gross value Impairment than 271 days days days Gross Impairment impaired days value Up to 31-60 61-90 91-270 More than Up to 30 31-60 61-90 91-270 More than 30 days days days days 271 days days days days days 271 days 2007 Debt securities 150,447,734 - - - - - - - - - - - - - - - - 150,447,734 Loans 57,749,747 974 - - 371 1,327,883 (1,327,883) - - - - - - - - - - 57,751,092 Receivables 41,908,915 4,206,593 514,557 523,470 320,250 17,755,186 (15,193,669) 7,181,936 2,741,113 5,924,646 12,396,462 34,042,881 (991,676) (930,398) (3,008,894) (6,567,524) (22,883,969) 77,939,879 - insurance receivables 17,091,945 3,219,250 130,283 135,831 35,379 - - 6,164,206 2,193,799 1,895,053 5,510,524 12,490,703 (477,869) (553,217) (480,968) (2,407,909) (9,348,778) 35,598,232 - recourse receivables - - - - - - - 278,009 495,314 3,977,593 6,833,562 19,248,544 (146,372) (350,357) (2,501,102) (4,132,541) (12,364,137) 11,338,513 - other receivables 24,816,970 987,343 384,274 387,639 284,871 17,755,186 (15,193,669) 739,721 52,000 52,000 52,376 2,303,634 (367,435) (26,824) (26,824) (27,074) (1,171,054) 31,003,134 Reinsurance assets 11,004,824 - - - - - - - - - - - - - - - - 11,004,824 TOTAL 261,111,220 4,207,567 514,557 523,470 320,621 19,083,069 (16,521,552) 7,181,936 2,741,113 5,924,646 12,396,462 34,042,881 (991,676) (930,398) (3,008,894) (6,567,524) (22,883,969) 297,143,529 2006 Debt securities 143,403,068 - - - - 2,479,462 (1,799,710) - - - - - - - - - - 144,082,820 Loans 60,178,678 - - 3,992 117,081 907,816 (907,816) - - - - - - - - - - 60,299,751 Receivables 31,507,266 3,819,168 211,936 124,313 10,229,910 17,635,173 (15,083,300) 6,318,707 2,525,347 4,387,325 9,743,178 17,400,940 (830,930) (891,300) (1,744,421) (5,303,130) (8,269,338) 71,780,844 - insurance receivables 7,915,938 1,732,432 58,564 38,865 9,811,992 - - 5,281,127 2,137,807 1,980,767 4,345,341 9,854,678 (343,086) (615,832) (571,578) (2,006,140) (7,225,346) 32,395,529 - recourse receivables - - - - - - - 217,513 387,540 2,291,262 5,346,666 5,346,408 (115,085) (275,468) (1,145,631) (3,249,205) (7,390) 8,796,610 - other receivables 23,591,328 2,086,736 153,372 85,448 417,918 17,635,173 (15,083,300) 820,067 - 115,296 51,171 2,199,854 (372,759) - (27,212) (47,785) (1,036,602) 30,588,705 Reinsurance assets 8,631,597 - - - - - - - - - - - - - - - - 8,631,597 TOTAL 243,720,609 3,819,168 211,936 128,305 10,346,991 21,022,451 (17,790,826) 6,318,707 2,525,347 4,387,325 9,743,178 17,400,940 (830,930) (891,300) (1,744,421) (5,303,130) (8,269,338) 284,795,012
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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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